Situated in a prime location, a three-storey freehold shophouse at 235 East Coast Road is now on the market for $15.5 million, equating to approximately $3,703 per square foot based on its built-up area of around 4,700 square feet. This property offers a unique opportunity for investors, given its strategic positioning in a vibrant neighborhood known for its blend of commercial and residential spaces.
The shophouse is situated on a plot size of about 1,905 square feet and is zoned for commercial use under the 2019 URA Master Plan, which paves the way for potential development and expansion.
One of the key highlights of this property is its classification as a conservation property. This designation not only preserves the historical significance of the shophouse but also significantly enhances its market appeal. The aesthetic character and architectural heritage associated with such properties often attract buyers who value both history and investment potential.
Given the ongoing interest in heritage properties, this shophouse stands to gain from the stable demand in the area, particularly in the Katong district, which is known for its rich cultural heritage.
Market trends indicate that there is a high demand for shophouses in this locality. Recent comparable sales have shown stable pricing trends around $3,703 per square foot, which reinforces the investment viability of this property. The shophouse’s pricing remains competitive and aligns with the current market dynamics, making it an attractive option for both local and foreign investors.
Another attractive aspect of this sale is the eligibility for foreign buyers and companies to purchase the property without incurring Additional Buyers Stamp Duty (ABSD) or Sellers Stamp Duty (SSD). This feature makes the shophouse particularly appealing to international investors looking to enter the Singaporean market without the additional financial burdens typically associated with property purchases in the region.
Such favorable conditions could lead to increased interest from diverse buyer profiles, enhancing the likelihood of a successful sale.
The potential for a gross floor area (GFA) increase up to 5,716 square feet under the current zoning regulations adds another layer of appeal for prospective buyers. This expansion possibility allows for various commercial ventures, whether it be retail, dining, or service-oriented businesses, thereby maximizing returns on investment.
The flexibility in usage can attract a wide range of tenants, further solidifying the property’s value over time.
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News Source: Edgeprop
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