A PORTFOLIO of nine freehold shophouses and two 9,999-year leasehold strata shop units is up for sale to a single buyer.
The seller is The Bamboo Group, a six-year-old boutique property investment and development company specialising in repositioning shophouses.
With a total floor area of 31,774 square feet, the portfolio has an indicative price of S$77 million and is up for sale through an expression of interest (EOI) exercise being conducted by Cushman & Wakefield. The offer will close on May 21.
Included in the portfolio are five two-storey conservation shophouses along Tanjong Katong Road and three shophouses along South Buona Vista Road. The Tanjong Katong Road properties comprise No 362 (at the junction with Wilkinson Road) and four adjoining properties at No 332, 334, 336 and 338 (at the Branksome Road corner).
Along South Buona Vista Road, two adjoining properties, No 30 and No 32, are available along with No 38 a few doors away.
Under the Urban Redevelopment Authority’s Master Plan 2014, all these eight shophouse properties are zoned “residential with commercial at first storey” and have a 3.0 plot ratio (ratio of maximum gross floor area to land area).
The ground-level space in the shophouses is either leased to or approved for use as food and beverage/retail outlets.
The upper level contains furnished boutique residential studio units with tenancies of six months or longer.
Also part of the portfolio is a corner freehold two-storey shophouse at 101 Soo Chow Walk, off Upper Thomson Road and a stone’s throw from the future Upper Thomson MRT Station. Zoned for commercial use within a two-storey envelope control streetblock plan, the property has five shop lots on the ground floor and a single large shop lot on the upper floor. Negotiations are ongoing with potential tenants.
The final component of the portfolio for sale comprises two adjoining corner strata commercial units at 1 & 1B Figaro Street, at the junction with Jalan Tua Kong. The units have two separate titles with 9,999-year leasehold tenure. Both units are leased.