5 adjoining shophouses put up for sale at $20m
Five adjoining shophouses along Upper Bukit Timah Road have been put up for sale through a public tender exercise. The guide price for the row of shophouses is $20 million, which translates into $1,176 psf on existing floor area.
The shophouses are located on a freehold site with a combined land area of about 10,259 sq ft. The shophouses have an existing total floor area of about 17,000 sq ft. Under the 2014 Master Plan, the property is zoned for residential use with a gross plot ratio of 2.5.
According to CBRE, the property offers potential buyers three development options. First, the property can be redeveloped into a new six-storey residential development with a total gross floor area of 27,848 sq ft. The second option will be to retain the ground floor shop units and increase the GFA of the upper floor residential units to a maximum of about 24,566 sq ft. Finally, the buyer could redevelop it into a six-storey serviced apartment block, subject to approval from relevant authorities.
CBRE is the appointed sole marketing agent and the tender closes on Nov 18.
According to CBRE, the property offers potential buyers three development options.
Source: CBRE
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