$12.5 million for Lavender Street shophouses
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Two shophouses that are freehold located at 284 and 286 Lavender Street are up for auction priced at $6.25 Million each and $12.5 million in total according to a statement in a press release by Savills Singapore on Sept 18. The two properties are on a land size of 3,520 square feet and are designed for residential use, with commercial space on the top of the storey. They have a an area ratio of 3.0. They are permitted to have a maximum floor space of 10,560 square feet. The shophouses are in walking distance from Bendemeer MRT Station and are 10 minutes away from the CBD.
In the release purchasers could increase their plot-to-plot ratio for the property by adding a six-storey rear extension, and thereby growing the floor area to a maximum of 10,560 sq feet subject to approval by the relevant authorities. There is also the possibility to use the upper floors for different applications or to merge the two shophouses.
Savills Singapore’s director for capital markets and investment sales, Sophia Lim, says that the area around Lavender as well as Jalan Besar precinct has been going through “rejuvenation” as well as being “gentrified into a vibrant, active lifestyle location”. She also says that “284 or 286 Lavender Street offer astute investors, owners-occupiers and developers the chance to acquire two shophouses located in a city fringe location.
“The shophouses will also permit buyers to buy two freehold heritage shophouses that offer strong value in a fast-growing, exciting area.”
The EOI deadline is October 19 at 3pm.