Three Storey Freehold Shophouse Along East Coast Road Sale 155 Mil
The sale of a three-storey freehold shophouse located at 235 East Coast Road is currently up for grabs with a guide price of $15.5 million, as announced by CBRE. The property will be sold through an Expression of Interest (EOI) exercise.
The shophouse, which is a conservation property, sits on a plot of approximately 1,905 sq ft and has a built-up area of around 4,700 sq ft. This translates to a guide price of $3,703 psf based on the built-up area. Under the 2019 URA Master Plan, the property is zoned for commercial use with a plot ratio of 3.0. This means that with the potential for addition and alteration (A&A) works, the gross floor area (GFA) of the property can be maximized to 5,716 sq ft.
According to CBRE, one possible A&A work that can be done is the addition of a rear extension. “Shophouses in the Katong area, especially those along East Coast Road, are highly sought after,” says Clemence Lee, executive director of capital markets at CBRE Singapore. He adds, “Properties like 235 East Coast Road offer businesses a unique opportunity to establish a strong brand presence in a well-known location with a well-off local and expatriate audience.”
In December 2020, another freehold shophouse located nearby at 207 East Coast Road was sold for $10 million. This property sits on a land area of 1,514 sq ft and has a GFA of approximately 2,700 sq ft, bringing the selling price to around $3,703 psf based on GFA. In February 2024, another shophouse at 183 East Coast Road was sold for $10.3 million. With a GFA of around 3,000 sq ft, the selling price comes up to about $3,703 psf.
As a commercial property, the shophouse is open for purchase by foreigners and companies, with no Additional Buyer’s Stamp Duty (ABSD) or Seller’s Stamp Duty (SSD) applicable. The EOI exercise for the property will end on July 16.
Interested parties can ask BuddyListings for more information about commercial properties, such as past rental and sale transactions, price trends, and current listings.