East Coast Road shophouses for sale for $20 million
A pair of shophouses in conservation located on East Coast Road is up for sale via the expression of interest (EOI) exercise that has an estimated price that is $20 million. The two properties are two-storey shops on freehold land that is zoned for commercial use, and have a an aggregate built-up area of approximately 4,362 square feet.
Novo Place layout expected to house 375 elegant and spacious family-friendly units.
This shophouse situated on the other side of the road from I12 Katong and is situated on a land area of 1,344 square feet. It is approved for F&B usage across both levels, which includes an area for seating on the upper level. Second shophouse which is located just across from Roxy Square, has land of approximately 951 sq feet and is approved for permanent F&B use. It also has an external staircase, which provides the new owner with the possibility to rent it out to two tenants. property to two tenants or to create an exclusive dining space on the second floor subject to the approval of authorities.
The two shops are for sale either together or individually. In the case of individual sales the first shophouse comes with an indicative value of $10.5 million. The second shophouse is listed with an indicative value of $9.5 million.
Evonne Seow, an associate director for PropNex Realty who is marketing the shophouses, explains that the properties are located on a busy thoroughfare within a highly populated region, giving buyers the possibility of turning the shophouses into multi-concept restaurants.
She also says that shophouses along East Coast Road, particularly those located that runs from the Katong Shopping Centre to I12 Katong are highly sought-after assets which are not often offered to purchase. “It is a great opportunity for investors who are looking for property investments that will provide a stable source of rental income as well as owners who are seeking commercial property to meet their business requirements,” she states.
The EOI submission for shophouses will end on November 16 at 5pm.