A freehold conservation shophouse at 350/350A Tanjong Katong Road has been put up for sale via an expression of interest (EOI) with a guide price of $7.98 million.
The double-storey intermediate shophouse with an attic is zoned for “residential with commercial at the first storey”. It has a gross plot ratio of 3.0 under the URA Master Plan 2019, with an estimated floor area of 2,900 sq ft.
The property is situated within the Tanjong Katong Conservation Area and falls under the Secondary Settlements zoning, says Sammi Lim, founder and executive director of Brilliance Capital, the exclusive marketing agent Brilliance Capital. “It allows the preservation of its architectural character while allowing for modern enhancements,” she adds.
Based on the site area of about 1,386 sq ft and plot ratio of 3.0, there is potential to intensify the gross floor area to 4,158 sq ft by building a new four-storey rear extension, subject to relevant approvals.
According to Lim, URA no longer grants approval for new restaurant use in the Tanjong Katong and East Coast areas. The ground floor of the shophouse at 350 Tanjong Katong Road has been approved for restaurant use.
Source: EdgeProp Landlens
The current tenant on the first level is French bakery Lunar Rabbit, while the upper storey is zoned for residential use and tenanted to a co-living operator, The Hannah. The shophouse is therefore, fully tenanted, offering immediate rental income for the new buyer.
Lim notes that the property was refurbished three years ago, which has enhanced the shophouse’s long-term desirability. She adds that the property presents “a turnkey investment” for buyers seeking a well-maintained conservation asset.
The shophouse is within a short walking distance from the Tanjong Katong MRT Station on the Thomson-East Coast Line, and is within minutes from lifestyle and retail hubs such as the i12 Katong, Kinex Mall, Parkway Parade, and Paya Lebar Quarter (PLQ). The property is also within close proximity to East Coast Parkway (ECP) and Pan-Island Expressway (PIE), providing access to the CBD, Changi Airport, and other key business districts.
With the emergence of new high-end condos, such as the 638-unit Tembusu Grand and the 846-unit Emerald of Katong and the continued rejuvenation in the area, the shophouse along Tanjong Katong Road is well-positioned to capture future rental upside and long-term value growth, says Lim of Brilliance Capital.
“Freehold conservation shophouses in well-established lifestyle districts like Tanjong Katong are highly coveted,” she adds. “The appeal of shophouses remains strong for both end-users and investors, particularly among family offices, high-net-worth individuals, co-living operators, and boutique investment firms.”
The EOI exercise is expected to close on May 16.
