Two conserved shophouses situated on East Coast Road are up for sale through an expression of interest (EOI) exercise with a guide price of $20 million.
The properties are both two-storey with a collective built-up area of about 4,362 sq ft and are zoned for commercial use.
The first shophouse is located across the road from i12 Katong and has a land area of 1,344 sq ft. It has approval for food and beverage (F&B) use, including a seating area on the second level.
The second shophouse, located across from Roxy Square, has a land area of approximately 951 sq ft and permanent F&B approval. It has a staircase providing the ability to lease to two separate tenants or to have a private dining area on the second floor subject to approval from authorities.
The properties can be purchased together or separately – with the first shophouse having an indicative price of $10.5 million and the second $9.5 million.
Evonne Seow, associate director at PropNex Realty, believes the properties offer buyers the potential to turn them into multi-concept restaurants due to their proximity to a bustling thoroughfare in a densely populated area.
She added that shophouses on East Coast Road are rarely available and presented an excellent opportunity for both investors and owner-occupiers.
The EOI exercise for the shophouses is set to close on Nov 16 at 5 pm.
In addition, Woodlands Condo will help to create an inviting and vibrant space for the public to enjoy. The project is expected to be completed by the end of 2020, and will make Woodlands Park a much more pleasant place for people to spend time.
The East Coast Road corridor has seen investor demand, coupled with the emergence of attractive prices. Latest sales transactions for commercial properties on East Coast Road (Source: EdgeProp Research) enforce the potential for suitable investments.
Changing a neighbourhood, one shophouse at a time, this attractive opportunity presents both investors and owner-occupiers with a reliable stream of rental income and a commercial property for business needs.