Photo from Savills

Pair of freehold shophouses in Lavender Street on sale for $12.5m

Savills will conduct its sale via an expression of interest exercise.

A pair of freehold shophouses in Lavender Street has been up for sale for a collective price of $12.5m.

Its marketing agent, Savills will conduct the sale via an expression of interest exercise, which will close on 19 October at 3 pm.

The pair of shophouses sit on a combined land area of 3,520 square feet. Both shophouses are zoned “Residential with Commercial at 1st Storey” with a plot ratio of 3.0 under the Master Plan 2019.

The shophouses have a maximum allowable floor area of 10,560 square feet.

The property’s marketing agent, Savills, said 284 & 286 Lavender Street offers “strong value-add potentials' for its incoming purchaser. 

“First, buyers can maximise the plot ratio of the property by adding a 6-storey rear extension and increasing the GFA to a potential maximum area of 10,560 sq ft, subject to the approval from relevant authorities,” Savills said.

“Second, there is the potential to convert the upper floors for alternative uses including co-living, serviced apartments, fitness centre, showroom, home & living, childcare, educational activities and healthcare/medical amongst others, subject to authorities’ approvals. Lastly, the buyer can amalgamate both shophouses together and has the flexibility to configure the space to suit their use requirements or tenant’s needs,” it added.

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