The property, located at 52 Foch Road, comprises a pair of two-storey conservation shophouses with attic, with a four-storey rear extension. PHOTO: SAVILLS SINGAPORE
Updated from : The Straits Times, 15 July 2020
Two freehold corner shophouses in the Lavender/Kallang area are up for sale with a guide price of $13.2 million.
The property at 52 Foch Road comprises a pair of two-storey conservation shophouses with attic, with a four-storey rear extension. They sit on a freehold site of 2,848 sq ft and have a built-up area of about 8,417 sq ft.
It is zoned “commercial” under the Jalan Besar Secondary Settlement Conservation Area, which allows for rear extension of up to six storeys.
Marketing agent Savills Singapore said yesterday that the property is at the start of Foch Road and Lavender Street and boasts “high visibility”, with about 18m of “prominent” main road frontage along Jalan Besar.
It “enjoys high footfall throughout the day” and is opposite the recently completed Arc 380, a mixed-use commercial development, it added.
The property has “restaurant” approval on the ground floor and is rented to a coffee shop operator. Office tenants are on the upper floors.
It has concrete staircases and flooring and a modern lift. All seven units come with en suite toilets and individual air-conditioning systems, while selected units on the upper floors enjoy double volume ceiling height.
The property could include a cafe, a fitness centre and a showroom as well as educational, retail, healthcare, medical, home and living, and lifestyle businesses, Savills Singapore said.
Ms Sophia Lim, its senior manager of investment sales and capital markets, said a buyer will have “the flexibility to configure the space to suit an entire spectrum of commercial uses”.
“This is a rare opportunity for both investors and end users to own a pair of freehold commercial shophouses that come with both F&B (food and beverage) approvals and modern specifications (including a lift) in the heart of the Lavender/Kallang precinct,” she added.
Savills Singapore said the area has seen “vibrant transformation” in recent years, with the introduction of high-rise residential and large-scale commercial developments offering entertainment, cultural and lifestyle attractions, resulting in “extremely high footfall”.
It added that the area will continue to benefit from new developments such as upcoming mixed projects Sturdee Residences and 2 and 21 Cavan Road.
Ms Lim said city fringe locations like Lavender have become popular among investors due to their rental upside and potential for capital gains, with corner shophouses of particular interest, given their high visibility.
There will be no additional buyer’s stamp duty or seller’s stamp duty for the property and foreigners and companies can buy it .
Expression of interest will close at 3pm on Aug 17.