Property consultancy Jones Lang LaSalle has launched the tender sale of five adjoining shophouses along Upper Bukit Timah Road.
The asking price is between S$9.5 million and S$10 million for the group of properties located near Bukit Panjang Plaza, the future Ten Mile Junction development and The Rail Mall.
The price translates to S$408 to S$426 per square foot per plot ratio.
The tenanted, freehold shophouse properties are zoned for “Residential” use with a plot ratio of 2.5 under the 2008 Master Plan.
The site can be redeveloped into a residential development with a Gross Floor Area of some 26,000 square feet.
Jones Lang LaSalle’s Head of Commercial Investments Quek Soh Hoon noted that the February tender of the nearby Ten Mile Junction attracted eight bids and the site was eventually sold at S$437 per square foot of gross floor area.
As such, she said the tender for the Upper Bukit Timah site should attract good interest.
Ms Quek also said the site offers the advantage of rental income while the developer seeks approval from the relevant authorities for its intended redevelopment.
She added that a new development on this site can potentially yield some 30 to 40 studio and two-bedroom apartments.
The tender for the site closes on May 19.
Source : Channel NewsAsia – 26 Apr 2010