Pair of freehold shophouses along East Coast Road up for sale at S$7.8m

A PAIR of shophouses located at 425 and 427 East Coast Road has been put up for sale via an expression of interest exercise, with an indicative price of S$7.8 million.

The price tag works out to about S$1,092 per square foot on the maximum allowable gross floor area of 7,140 square feet (sq ft), said sole marketing agent CBRE on Wednesday.

It added that the development charge (DC) payable to maximise the plot ratio is estimated to be S$3 million, subject to the authorities' confirmation on the development baseline, and review of DC rates every March and September.

The two-storey shophouses sit on a freehold land plot of about 2,380 sq ft. They have a total existing built-up area of around 3,960 sq ft, and a 10 metre frontage along East Coast Road.

Under the Urban Redevelopment Authority's 2019 Master Plan, the site sits within the Joo Chiat Secondary Settlement Conservation Area. It is zoned residential with commercial on the first storey, and has a gross plot ratio of 3.0.

According to CBRE, the property can be redeveloped into a mixed-use development with a building height of up to five storeys, subject to approval from the relevant authorities.

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Clemence Lee, senior director of capital markets for Singapore at CBRE, noted that the ground floor of 425 East Coast Road is approved for food and beverage (F&B) use.

"We expect keen interest from end-users such as F&B operators, or developers and contractors who are seeking such occasional opportunities that are also of palatable sizes," he added.

The upcoming Marine Terrace MRT station on the Thomson East-Coast Line is about 400 metres away and is slated for completion by 2023.

Both shophouses are to be sold collectively and interested parties are invited to submit their offers by March 31, 3pm, CBRE said.