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Freehold shophouses at South Buona Vista Road up for sale

/ EdgeProp |

August 29, 2017 3:15 PM SGT

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Exclusive marketing agent JLL is inviting offers through an Expression of Interest exercise for the purchase of freehold shophouses located at 30, 32, and 38 South Buona Vista Road. The properties are zoned as ‘Residential with Commercial at 1st storey’ with a plot ratio of 3.0. The properties have yet to fully utilise the maximum permissible Plot Ratio.

30 & 32 South Buona Vista Road are a pair of adjoining two-storey shophouses with a combined floor area of 6,324 sq ft, sitting on a combined land area of 3,212 sq ft. The property is being offered for sale with existing tenancies, including Michael’s Bar and Grill at level 1, and The Apato, which operates 10 serviced apartment units on level 2. There is a 1,467 sq ft vacant ground floor unit available, allowing for immediate occupation by an end-user. The guide price is about $12.6 million, or $1,992 psf on total floor area.

38 South Buona Vista Road is a corner two-storey shophouse with a land area of 2,171 sq ft, and a total floor area of 4,176 sq ft. The shophouse is being offered with existing tenancies, including Paddy Hills, an upscale café, and The Apato, which operates 8 serviced apartments on level 2. The guide price is in the region of $9 million, or $2,157 psf on total floor area, reflecting a gross yield of about 4.5%.

The properties are located about 600-metres away from Haw Par Villa MRT station and close to the One-North cluster, Mapletree Business City, and The Singapore Science Park I & II.

“Opportunities to acquire freehold shophouses in the city fringe area with yields in excess of 4% are rare in today’s market,” says Clemence Lee, associate director, Capital Markets, JLL. “We anticipate strong interest from astute end-users and investors such as local family offices and high-net-worth individuals.”

The shophouses are available for purchase individually or collectively. The EOI exercise closes on Sept 20.

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