October 17, 2012
Marketing agent Jones Lang LaSalle has launched a tender for the sale of two shophouse units at Tanjong Katong Road.
Investors seeking conservation shophouses in the Tanjong Katong area should note the recently launched tender by Jones Lang LaSalle (JLL) for two four-storey freehold shophouse units.
Exclusively marketed by JLL, the units are offered with indicative prices of between SGD 10 million and SGD 12 million. They are located in the gazetted Tanjong Katong conversation area and comprise two retail shops on the ground floor and six apartments on the upper floors. JLL said that the two shophouse units are owned by a family trust.
Due to their location and configuration, the two properties are zoned residential with first-storey commercial, and has a gross plot ratio of 3.0. The shophouses occupy a site spanning 3,811 sq ft and offer total gross floor area of around 11,046 sq ft.
Both mixed-use properties are 100% occupied at present, generating monthly gross revenue of SGD 18,350.
"Given the location and the three floors of residential space, the properties may be suitable for use as staff quarters or student hostel. These uses are however subject to the approval of the relevant authorities," said Karamjit Singh, Head of Investments & Residential at JLL.
JLL added that new owners can opt to refurbish the buildings before renting them out, or divide them into strata-title units for sale as individual shops and apartment units.
Tags: Commercial real estate, Shop for rent, Business space
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