>

PropNex’s Aaron Wan buys second freehold shophouse, on Koon Seng Road

By Felicia Tan

/ EdgeProp Singapore |

January 18, 2022 7:35 PM SGT

Join our Telegram channel and follow our Facebook for the latest update.

SINGAPORE (EDGEPROP) -- Aaron Wan, senior group district director at PropNex, has purchased his second shophouse — a non-conservation freehold shophouse at 94B and 94C Koon Seng Road in District 15. Wan declined to reveal the price of the shophouse.

This purchase came less than three months after his first purchase — a freehold shophouse at 147 Kitchener Road, off Jalan Besar, on Aug 23, 2021.

The Koon Seng Road shophouse has two storeys, 94B being the ground-floor unit, and 94C being the unit on the top floor. It sits on a land size of 1,574 sq ft and has a total builtup area of 2,800 sq ft.

While the ground floor has been given the licence to be used as a confectionery by the URA, it is actually fully zoned for residential use.

With a plot ratio of 1.4, Wan is able to have the shophouse rebuilt into a 3.5-storey residential landed house, which was a “big selling point” for him.

94B Koon Seng Road is currently home to a bakery named Yummi Chiffon, which has been operating on the premises since 2008.

It is also located just a stone’s throw away from the famed row of colourful shophouses along the same street. Also within close proximity are Common Man Coffee Roasters, Haig Girls’ School, CHIJ Katong Convent and Tao Nan School.

Following Wan’s purchase, Yummi Chiffon, which has several outlets around Singapore, will be vacating the shophouse at end-January.

Photo of Wan: Albert Chua/The Edge Singapore

On the decision to purchase, Wan says he has been on the lookout for a shophouse near his and his wife’s home in East Coast.

“This one stood out as it is freehold, very well maintained and most importantly, a good land size, plus it is within 1km from Tao Nan School. It is a very rare 100% residential shophouse with approval for usage of ground floor as a confectionery; the 1km to Tao Nan School also helps to hold its future rental and capital appreciation value,” says Wan.

Once Wan moves in, he will transform the building into an office for his team of close to 280 agents.

“We have been looking for a suitable premise to use as our office. This shophouse is close to many amenities, eateries, and exciting hip bars and cafes along East Coast Road, Joo Chiat Road as well as Tanjong Katong,” he adds.

Owning a second shophouse is not enough for Wan, it seems. The property agent shares that he is looking at one more conservation shophouse that is 100% zoned for commercial use in future. (Find Singapore commercial properties with our commercial directory)

"We hope to be able to secure one within the next one to two years. We are open to nonconservation shophouses as well, as long as it is value for money for the long term with strong capital appreciation potential,” he says.

"A non-conservation shophouse means that there will be potential to redevelop the land as long as there are no issues with the road line plan,” he continues. “I hope to purchase one in District 1, 2, or 7 to diversify our portfolio. Our next property definitely has to be freehold as my wife and I haven’t owned anything leasehold yet.”