Seven freehold shophouses at 401 to 413 Sembawang Road have been put up for collective sale. The asking price of $24 million reflects a land rate of $814 psf per plot ratio.

Completed in the 1980s, the development has a land area of about 24,340 sq ft and is zoned “residential with commercial at 1st storey use”. Under the 2014 URA Master Plan, it has a gross plot ratio of 1.4.

All of the shophouse owners have consented to the sale, according to marketing agent Edmund Tie & Company (ET&Co).

Located within Sembawang’s heartland, the shophouses have a main road frontage and dual access from the main Sembawang Road and Jalan Lengkok Sembawang. The shophouses are close to Northwoods Condominium, Greentree Montessori Children Hub, Yishun Secondary School, and Yishun Junior College. They are also near expressways such as the Seletar Expressway and Central Expressway.

Tan Chun Ming, senior director for investment advisory at ET&Co, says: “With the lack of private land sale and supply of land in this area, this is a rare chance for developers to create a freehold product in the mature Sembawang estate. We see a great opportunity for retailers to cater to residents in the Sembawang area and to enliven its retail scene.”

He adds that the site is “an affordable choice for boutique-sized developers”.

The tender exercise for the site will close on July 30.