An investment opportunity has arisen, presented by the availability of a 999-year leasehold shophouse at 223 River Valley Road in the affluent Clarke Quay area of District 9. The shophouse is being sold via an expression of interest (EOI) exercise, with a suggested price starting from $11.8 million.
This three-storey property, boasting a site area of 1,376 sq ft, is zoned for commercial and residential use, with a plot ratio of 3.9. A site survey is required to accurately determine its existing built-up area. However, an estimate of 3,305 sq ft has been suggested. A renowned coffee shop employs the ground floor’s approved usage as a dining space. The upper floors, meanwhile, maintain approval as office spaces.
The property enjoys a prime location, across the street from UE Square and within walking distance from the Fort Canning, Clarke Quay, and Dhoby Ghaut MRT Stations.
Tysun Yuk, Group Associate Director at PropNex Realty, commented, “The property is an unpolished gem with value-add opportunities. One may explore redeveloping to maximise its potential gross floor area.” In addition, Loyalle Chin, Associate District Director at PropNex Realty, said, “Given the property’s excellent attributes and price quantum, 223 River Valley Road is a compelling investment opportunity for buyers looking for an immediate income-yielding asset and a prime shophouse to add to their portfolio.”
If the property were redeveloped, an eight-storey building with about 5,365 sq ft of space could be built upon the site.
Notably, Loyalle Chin is also offering another 999-year commercial shophouse located at 235 South Bridge Road for purchase, via an EOI exercise, with a guide price of $23 million. The property occupies a land area of 1,461 sq ft, is zoned for commercial usage, and comes with a mezzanine. The property, in proximity to the Maxwell, Tanjong Pagar, and Chinatown MRT stations, is currently tenanted by a karaoke lounge operator on the ground floor. At the same time, the upper storeys have been leased to a yoga school.
Chin adds that “With strata subdivision of commercial properties in prime central areas no longer allowed. Shophouses represent an opportunity for business owners and investors to purchase well-located assets for their occupation or collection of rental income.”
The 235 South Bridge Road EOI exercise is open until July 25 at 3 pm.