SINGAPORE (EDGEPROP) - Three freehold shophouses at 30, 32, and 38 South Buona Vista Road have been put up for sale. CBRE is the sole marketing agent for this sale.

The shophouses at 30 & 32 South Buona Vista are a pair of adjoining buildings that sit on a combined land area of 6,323 sq ft and have a floor area of 7,935 sq ft. The guide price for these properties is $13 million, which translates to $1,638 psf on the total floor area.

Meanwhile, 38 South Buona Vista is a separate corner shophouse that has a land area of 2,171 sq ft with an existing floor area of 4,176 sq ft. The guide price for this property is $9 million, which works out to $2,155 psf on the total floor area.

According to CBRE, the shophouses can be acquired individually or collectively. All of them are zoned “residential with commercial at the first storey” with a plot ratio of 3.0 under the latest Master Plan. The shophouses also have a combined frontage of 20m on South Buona Vista Road. (Find Singapore commercial properties with our commercial directory)

The shophouses are fully leased to a fitness centre and a restaurant, while the upper residential floors are leased to co-living and serviced apartment operator Cove.

Read also: Building at South Bridge Road sold for $13.58 mil

“Well-located suburban shophouses have garnered interest from investors over the past few years,” says Clemence Lee, executive director of capital markets, Singapore, at CBRE. “This portfolio of freehold shophouses boasts an attractive yield of approximately 3.5%, providing investors with stable, defensive and attractive returns.”

He adds that the new owner has the option of increasing the total floor area by 35%.

“The lack of retail amenities, coupled with a substantial number of new upcoming condominium developments in the neighbourhood, is likely to drive rents upwards in tandem with the significantly growing residential catchment,” says Lee. New projects in the vicinity include the recently previewed Terra Hill on Yew Siang Road.

The expression of interest exercise for the sale closes on March 22.

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