http://www.straitstimes.com/archive/...-sale-20140624

Tanjong Katong shophouse up for sale

Published on Jun 24, 2014 2:57 AM

By Rennie Whang


A FREEHOLD corner conservation shophouse in the Tanjong Katong Conservation Area has been put up for sale in a public tender with an indicative asking price of $8.38 million.

The two-storey property at the junction of Tanjong Katong Road and Wilkinson Road is owned by a group of local investors and has a land area of about 2,025 sq ft, said sole marketing agent CBRE yesterday.

It is zoned as residential with commercial on Level 1 and has a gross plot ratio of 3.0.

The building is fully leased and occupied, with the ground floor taken by a restaurant and bar, and the upper floor occupied by boutique studio units.

There is a large public carpark across the road.

Mr Galven Tan, director of investment properties at CBRE, said a buyer can expect "strong rental returns in excess of 4 per cent".

"In the long term, there are various development options available to the buyer," he added.

Developers, retailers, food and beverage operators, property funds, private equity and family offices are keen on such investments, said CBRE.

Nearby amenities include the Canadian International School (Tanjong Katong), Chatsworth International School (East Campus) and Parkway Parade.

CBRE noted that Tanjong Katong Road has evolved into a popular eating spot in recent years.

Mr Tan said it expects the property to attract "strong interest", given the growing popularity of mixed-used properties and the scarcity of such sites in the market.

The tender closes at 3pm on July 25.

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