Freehold residential shophouse on Everton Road going for $6.98 mil

July 16, 2021


A freehold shophouse at 9 Everton Road will be put up for sale by its proprietors at Edmund Tie's public auction on July 28.

It is off Neil Road in the Blair Plain Conservation Area, the two-storey shophouse rests on a 2,023 sq ft corner plot with a 7.7 m street frontage. Based on a built-up area of 4,000 sq ft and guide price of $6.98 million, the shophouse is priced at $1,745 psf.

The site is zoned "residential" under the 2019 Master Plan. The shophouse includes three bedrooms as well as a spacious family members area. The building will be marketed with an existing tenancy that will run out in February 2023. The property has a fascinating background, as it was once a Chinese sausage manufacturing facility.

The shophouse is near the Central Business District, Tanjong Pagar, and the upcoming SGH medical campus at Singapore General Hospital, which will be the largest medical school in Singapore.

Neighboring MRT stations consist of Outram Interchange on the East-West and North-East Lines, along with Cantonment station on the Circle Line.

For car owners, there is a multi-storey carpark in the neighbouring Everton Park HDB development along with street parking along Everton and Blair Road.

FREEHOLD RESIDENTIAL SHOPHOUSES A RARE TYPE

According to Joy Tan, head of auction & sales at Edmund Tie, freehold property shophouses are tightly held and many of these homes are zoned for business usage.

"This residential or commercial property provides an alternative to landed living in a city-fringe location and would interest those who wish to escape the concrete jungle but stay within walking distance to their work environment," states Tan.

The new owner might choose to keep the structure's existing exterior. As the interiors had actually been upgraded 7 years earlier by the existing occupants and have actually been well kept, very little restoration is needed, states Tan. There's area to include more bed rooms if required.

Façade repair and more addition and modification works are approximated to cost approximately about $160,000, according to the owner who had actually engaged a designer to provide a quote.

The shophouse was offered by tender in September 2020. The timing then was damaging as the economy had actually simply emerged from the Covid-19 "circuit-breaker".

Some purchasers will see the residential or commercial property as "a collectible" considered that it is a heritage residential or commercial property, is really uncommon and lies in a prime sanctuary near the CBD. Tan anticipates interest to come from both owner occupiers along with financiers.

The new owner might check out a modification of usage and transform the area for co-living. "The prospective purchaser would definitely think about all 3 alternatives," states Tan.

The most current deals in the Blair Plain Conservation Area were in November and December when 2 surrounding conservation shophouses along Neil Road were offered for $7.4 million and $7 million respectively. The shophouse sits on a land area of simply 1,668 sq feet, and the interiors are anticipated to be thoroughly remodelled.

HIGHER SOUTHERN WATERFRONT EFFECT

Given its place near the CBD, Chinatown and future Greater Southern Waterfront, the shophouse at 9 Everton Road is anticipated to take advantage of both rental demand and future capital appreciation, keeps in mind Tan.

Under the 2019 Master Plan, Greater Southern Waterfront, which extends from Pasir Panjang to Marina East, would be changed into a dynamic live-work-play zone. Tan sees the citizens at Blair Plain taking advantage of their distance to the future way of life offerings and features in this new district.

According to Tan, the preservation shophouses in Blair Plain tend to be ignored. "When one thinks about preservation shophouses in Districts 1 and 2, numerous would right away associate them with those in Chinatown, Telok Ayer and Tanjong Pagar."

She includes that the majority of the shophouses in these locations are zoned for industrial usage and just a handful have actually gotten approval for a modification of usage to residential.

"However, the Blair Plain Conservation Area uses a charming area of generally residential shophouses. It is likewise far from the primary bustle and hustle of the city centre, using a more relaxing way of life however at the very same time, close to the CBD," states Tan.

The most current deals in the Blair Plain Conservation Area were in November and December when 2 surrounding conservation shophouses along Neil Road were offered for $7.4 million and $7 million respectively. The shophouses sit on freehold land areas of 3,457 sq feet and 3,353 sq feet respectively. Prior to that, the shophouse surrounding to 9 Everton Road, particularly 8 Everton Road brought $3.8 million in August last year. The shophouse sits on a land location of simply 1,668 sq feet, and the interiors are anticipated to be thoroughly remodelled.