Shophouses on East Coast Road for sale at $20 mil
/ EdgeProp Singapore |
Shophouses on East Coast Road (Picture: Evonne Seow)
SINGAPORE (EDGEPROP) - A pair of conserved shophouses on East Coast Road is up for sale through an expression of interest (EOI) exercise with a guide price of $20 million. Both properties are two-storey shophouses occupying freehold land zoned for commercial use, with a collective built-up area of about 4,362 sq ft.
The first shophouse is located across the road from i12 Katong and has a land area of 1,344 sq ft. It has approval for F&B use on both floors, including a seating area on the second level. The second shophouse, located across from Roxy Square, has a land area of approximately 951 sq ft and has permanent approval for F&B usage. It has an external staircase, providing the new owner with the option to lease the property to two separate tenants or to establish a private dining area on the second floor, subject to approval from authorities.
The shophouses are up for sale together or separately. For individual sales, the first shophouse has an indicative price of $10.5 million while the second shophouse has an indicative price of $9.5 million.
Evonne Seow, associate director at PropNex Realty who is marketing the shophouses, highlights that the properties sit along a bustling thoroughfare in a densely populated area, thus offering buyers the potential to turn the shophouses into a multi-concept restaurant.
She adds that shophouses on East Coast Road, particularly those situated on the stretch opposite Katong Shopping Centre to i12 Katong, are coveted assets that are rarely available for sale. “It is an excellent opportunity for investors seeking property investments with a reliable stream of rental income, as well as owner-occupiers in search of a commercial property for their business needs,” she states.
Latest sales transactions for commercial properties on East Coast Road (Source: EdgeProp Research)
The EOI exercise for the shophouses will close on Nov 16 at 5pm.
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