Lavender Street shophouses on the market for $60 mil
By Timothy Tay
/ EdgeProp Singapore |
SINGAPORE (EDGEPROP) - Seven freehold shophouses in Bendemeer have been put up for sale for $60 million in an expression of interest exercise conducted by Edmund Tie.
The adjoining properties are located at 296/298/300/302/304/306/308 Lavender Street and occupy a site area of 13,107 sq ft. Currently, the shophouses boast a total gross floor area of 17,626 sq ft.
The shophouses are zoned ‘Residential with Commercial at 1st storey’ under the 2019 Master Plan, with a plot ratio of 3.0 and a maximum allowable gross floor area of 39,322 sq ft. The properties are also located within the Jalan Besar Secondary Settlement Conservation Area, and a rear extension of up to 6-storeys is allowed.
The seven shophouses enjoy prominent frontage along Lavender Street and the properties present a prime redevelopment opportunity. (Picture: Edmund Tie)
According to Edmund Tie, an outline planning permission has been granted for a change of use to serviced apartment at a plot ratio of 3.0.
The guide price for the properties works out to $1,526 psf on the proposed total gross floor area of 39,322 sq ft.
“It is increasingly rare to have a contiguous row of shophouses available for sale. 296 to 308 Lavender Street, originally part of a portfolio of nine assets to be liquidated, was sold via a tender process in 2010,” says Tan Chun Ming, executive director of investment advisory at Edmund Tie.
The shophouses are close to Bendemeer MRT station on the Downtown Line and the Central Business District. They also enjoy connectivity via the Pan Island Expressway and the Central Expressway.
“The incoming buyer can value add to the shophouses by carrying out Additional & Alteration works to maximize the gross floor area. Due to the vibrant locale, the property is well-suited for a variety of uses such as a boutique residential development, serviced apartment or co-living residence, subject to authorities’ approval,” says Tan.
The EOI will close on March 24.
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