A row of four contiguous freehold conservation shophouses at No. 15, 17, 19 and 21 Tessensohn Road (the “Property”) has been launched for sale. Cushman & Wakefield, the appointed marketing agents for the site is expecting a good reception to the tender as the property can be partially developed into a mixed use retail/residential project in a charming heritage precinct dotted with conservation shophouses.
The Property, comprising four individual land titles, has a total land area of 553.5 sq m (5,958 sq ft approximately). Under the Master Plan 2014, it is zoned “Residential with Commercial at 1st Storey”, with a gross plot ratio of 3.0. The gross floor area can be maximized up to 1,660.5 sq m (17,873 sq ft approximately) with a possibility for a rear extension up to 6-storey, under the secondary settlement of the Jalan Besar Conservation Area. No. 15 and 21 are the original 2-storey shophouses, while No. 17 and 19 have a part 2-storey front and part 3-storey rear. Each shophouse has a private car park lot.
The four shophouses are currently being held by 3 separate ownerships and the owners have decided to jointly put up for sale by tender with a minimum reserve price of $25 million. Based on this reserve price, it would translate to about $1399psf on the allowable maximum gross floor area. The successful bidder can efficiently construct a corner 6-storey rear extension over the four land plots, subject to relevant authorities’ approval.
According to Ms Christina Sim, Director of Capital Markets at Cushman & Wakefield, “This sale represents a rare opportunity to acquire four adjoining shophouses in the Farrer Park/ Serangoon Road locality, close to the city centre and just a 5-minute walk to the Farrer Park MRT station (North-East Line) and 10-minute walk to Bendemeer MRT (Downtown Line) station. The Farrer Park locality is a vibrant district for businesses, tourists and locals alike for its wide array of amenities. Recent new developments such as Farrer Park Hospital and Farrer Park Medical Centre have also boosted the locality’s reputation as an up and coming medical tourism hub and shopping destinations such as City Square Mall, the 24-hour Mustafa Centre and the upcoming Centrium Square.”
Despite the recent cooling measures in the residential property market, freehold conservation shophouses in city fringe locations have withstood the test of time as favoured long term investments. The new owner can explore adding studio-style apartment units in the rear extension for strata sales or unique co-living concept for rental income. In addition, the ground floor spaces will be suitable for hip and unique food & beverage concepts to cater to the surrounding residential catchment.”
The tender for this property will close at 3.00 pm on 28 August 2018