The price of SGD13.x million will include the seller will bear the additional cost to top up the land tenure to a fresh 99-year lease.
The shophouse is located on a site spanning 134.1 square metre (approx.1,443 square feet) with a land tenure of 99 years, effective from December 27, 1928.
Under the Master Plan 2014, the site – situated within the Conservation Area - is zoned Commercial with a plot ratio of 4.2, and has an allowable building height of up to 18.35 metres (or equivalent to about six storeys based on the height of surrounding shophouses).
This property presents investment upside with untapped potential. It currently has an approved GFA of 468.4 sq m with a plot ratio of 3.49, this could be further maximised to offer 563.22 sq m of GFA under the prescribed plot ratio of 4.2 under the Master Plan.
In addition, the investor would be able to design A&A works for the rear extension, thus ensuring that the refurbishment will suit to individual liking.
The property – located opposite The Central shopping mall in District 01 - commands excellent visibility in the heart of the city and enjoys high footfall being situated between a restaurant and a coffeeshop.
It is also within walking distance to the Raffles Place commercial district, as well as the Boat Quay and Clarke Quay leisure and entertainment hotspots.
The shophouse is highly accessible via public transport, including the Clarke Quay MRT station on the North-East Line - just across the street - as well as the Raffles Place MRT interchange station nearby.
Shophouses offer intrinsic value owing to their vintage charm and limited supply.
Owing to the shophouse’s commercial-use zoning, the additional buyer’s stamp duty (ABSD) and seller’s stamp duty (SSD) are not applicable.
The sale is also open to both local and foreign investors.
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