A three-storey freehold shophouse at 235 East Coast Road is on the market with a guide price of $15.5 million, according to a press release by CBRE. The sale will be conducted via an Expression of Interest (EOI) exercise.
The conservation property occupies a plot spanning about 1,905 sq ft and has a built-up area of about 4,700 sq ft. This translates the guide price to $3,703 psf, based on built-up area.
Zoned for commercial use under the 2019 URA Master Plan with a plot ratio of 3.0, the site can potentially maximise the property’s gross floor area (GFA) to $5,716 sq ft through addition and alteration (A&A) works. This can take the form of adding a rear extension, according to CBRE.
“Shophouses along East Coast Road, particularly in the Katong area, are highly coveted,” says Clemence Lee, executive director of capital markets at CBRE Singapore.
He adds, “Shophouses like 235 East Coast Road provide businesses with a unique opportunity to establish a strong brand presence in a storied location with a well-heeled local and expatriate catchment.”
Last December, another freehold shophouse nearby at 207 East Coast Road was sold for $10 million. The property spans a land area of 1,514 sq ft and has a GFA of about 2,700 sq ft, translating the selling price to about $3,703 psf based on GFA.
Another shophouse at 183 East Coast Road changed hands for $10.3 million in February 2024. With a GFA of about 3,000 sq ft, the selling price translates to about $3,703 psf.
As a commercial property, it is open to be purchased by foreigners and companies, with no Additional Buyer’s Stamp Duty (ABSD) or Seller’s Stamp Duty (SSD) applicable.
The EOI exercise for the property will end on July 16.
