Freehold East Coast Road shophouses going for $7.8 mil

/ EdgeProp Singapore |
Join our  Telegram  channel and follow our  Facebook  for the latest update.
SINGAPORE (EDGEPROP) - A pair of freehold shophouses at 425 and 427 East Coast Road have been put on the market for $7.8 million. According to CBRE, the agency marketing the sale of the properties, both shophouses are to be sold collectively by expression of interest (EOI).
The two-storey shophouses sit on a 2,380 sq ft plot along East Coast Road and they enjoy a prominent 10-meter street frontage. The properties also have a total existing built-up area of about 3,960 sq ft.
The properties are within the Joo Chiat Secondary Settlement Conservation Area and are zoned “Residential with Commercial at 1st storey” with a gross plot ratio of 3.0 under the 2019 Master Plan.
425-427-East-Coast-Road - EDGEPROP SINGAPORE
The pair of two-storey shophouses at 425 and 427 East Coast Road are to be sold collectively by expression of interest. (Picture: CBRE)
“The ground floor of 425 East Coast Road is currently approved for F&B use. With URA being more stringent in granting F&B approval, shophouses that have already obtained F&B approvals are deemed to be extremely valuable and attractive,” says Clemence Lee, senior director of capital markets, Singapore, at CBRE.
According to CBRE, the properties can be redeveloped into a mixed-use development with a maximum allowable gross floor area (GFA) of about 7,140 sq ft, and a building height of up to five storeys, subject to approval.
The indicative asking price works out to about $1,092 psf on the maximum allowable GFA. Meanwhile the development charge payable to maximise the plot ratio is estimated to cost $3 million, subject to confirmation of the development baseline.
Lee expects “keen interest” from end-users such as F&B operators, as well as developers who may want to capitalise on the redevelopment opportunity. It may also appeal to private investors and family offices as a wealth preservation asset, he says.
Other alternative uses include co-working, medical or healthcare, F&B and lifestyle retailers, or hostel operators, subject to approval.
The EOI closes on March 31.
Check out the latest listings near East Coast Road

Follow Us
Follow our channels to receive property news updates 24/7 round the clock.
EdgeProp Telegram
EdgeProp Facebook
Subscribe to our newsletter

Our Site (previously known as The Edge Property Singapore) is the best property portal for real estate agents, investors, home-seekers and sellers alike in Singapore. On EdgeProp, you will be able to find the latest and hottest property news, property listings, and access tools for your research and analysis.

Whether you are looking to buy, sell or rent apartments, condominiums, executive condos, HDBs, landed houses, commercial properties or industrial properties, we bring you Singapore’s most comprehensive and up-to-date property news and thousands of listings to facilitate your property decisions.

View More