A corner pair of freehold shophouses at 24 and 26 Moonstone Lane is up for sale as a bundle with an indicative price of S$6.6 million, marketing agent CBRE said on Tuesday.
The two-storey shophouses occupy a total site area of about 2,877 square feet (sq ft) and have a combined existing built-up area of about 4,628 sq ft.
Under the Urban Revelopment Authority’s (URA) 2019 Master Plan, the properties are zoned for residential with commercial use on the first floor. They also have a gross plot ratio of 3.0 and a building height of up to six storeys.
Therefore, the two shophouses may be redeveloped into a mixed-use development with total maximum allowable gross floor area of about 8,632 sq ft, subject to the authorities’ approval, CBRE said.
The guide price of S$6.6 million translates to about S$944 per square foot on the proposed total gross floor area of 8,632 sq ft.
In addition, subject to confirmation by the authorities on the development baseline, the development charge payable to maximise the plot ratio is about S$1.6 million, according to CBRE’s estimates.
The property is less than a 10-minute drive to the central business district, while Potong Pasir MRT station is slightly more than 500 metres away.
Clemence Lee, senior director of capital markets at CBRE, said: “Compared to shophouses located in the conservation areas, shophouses such as the subject property that are located in non-conservation areas will give the buyer more flexibility in redevelopment options.”
He also noted that the buyer can expect to benefit from the property’s “strong capital appreciation over the medium term”, on the back of the URA’s vision to transform areas along the Kallang River into a lifestyle hub.
The properties will also be close to two growing neighbourhoods in the vicinity, namely Bidadari and Kallang Whampoa, which are expected to accommodate 13,000 new residential units by 2023, Mr Lee added.
Interested parties are invited to submit their offers by March 11, 3pm.