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SG For sale: Freehold shophouses along Upper Bukit Timah Road

Property Here - Tuesday, October 22, 2013

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A cluster of five freehold shophouses (pictured) along Upper Bukit Timah Road has been put up for sale by expression of interest (EOI) according to appointed marketing agents, Jones Lang LaSalle (JLL) and CBRE.

Located at Nos. 826/A to 834/A (even numbers) Upper Bukit Timah Road, the two-storey shophouses have a combined land area of about 10,259 sq ft and an existing gross floor area (GFA) of around 16,377 sq ft.

Currently, the shophouses can be used for mixed commercial and residential use, and can be enhanced through “Additions & Alterations” by renovating the ground floor shop units while reconfiguring the current residential space on the upper level.

The properties can also be redeveloped into a residential project since the site is zoned “residential” with a plot ratio of 2.5 under the 2008 Master Plan. The development charge (DC) for a residential development has already been paid up to a total GFA of around 27,848 sq ft. Hence, redeveloping the site for residential use to the same GFA would no longer entail any DC payment.

The site is near various schools and is accessible via the Kranji Expressway and Bukit Timah Expressway as well as major arterial roads including Woodlands Road and Bukit Timah Road.

The shophouses are owned by an investment holding company which expects offers from S$26 million to S$27.5 million. This translates to a psf price of S$933 to S$987 over the approved residential GFA or S$1,102 to S$1,163 over the approved mixed commercial-residential GFA with the “Additions & Alterations” option.

The EOI exercise for the shophouses will close on 28 November.