Tanjong Katong Shophouse for sale at $5M

A freehold conservation shophouse building in Tanjong Katong Road went on the market yesterday with an indicative price of at least $5 million.

The price is based on a valuation done earlier this year, and works out to $2,017 per sq ft (psf) of the two-storey building’s gross floor area of 2,478 sq ft.

The shophouse at 370/370A Tanjong Katong Road sits on a land parcel of around 1,484 sq ft.

It can have a maximum gross floor area of three times that size, according to the latest masterplan, its marketing agent CBRE said in a statement.

This translates to a price of about $1,123 psf per plot ratio (ppr).

The expression of interest for the shophouse closes on Oct 7.

The property, which is owned by a private individual, is zoned for residential use with commercial space on the ground floor.

It is surrounded by landed houses in the Goodman and Mountbatten area. There is also a public carpark directly across the road.

Ms Sammi Lim, associate director of investment properties at CBRE, said in a statement yesterday that the property was vacant, which would give the buyer more flexibility in deciding what to do with it.

It is near the proposed Amber MRT station on the upcoming Thomson-East Coast Line, she added.

A two-storey conservation shophouse in Tanjong Katong was put up for sale in June this year, also by CBRE. That was larger, with a land area of about 2,025 sq ft. Its indicative asking price was $8.38 million, which works out to $1,379 psf ppr.

– See more at: http://business.asiaone.com/news/5m-price-tag-shophouse-tanjong-katong#sthash.voy0DfcA.dpuf

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