A Conservation Shophouse along Beach Road and a Terrace House at Devonshire Road
International property consultant, Colliers International’s upcoming auction session will feature two freehold properties that are offered as an estate sale. They are a two-storey conservation shophouse located at 355 Beach Road and a two-storey terrace house located at 117 Devonshire Road.
The auction will be conducted on 29 October 2014, 2.30 pm at The Amara Hotel.
355 Beach Road
Sited within the Kampong Glam historic and conservation area, the two-storey freehold shophouse, which comprises a mezzanine level, occupies a land area of approximately 1,381 sq ft. It is currently tenanted and access to the upper level is via a side staircase.
The indicative price is S$5.1 million.
Under the 2014 Master Plan, the site is zoned for “Commercial” use.
Ms Grace Ng (黄黎明), Deputy Managing Director of Colliers International, says, “Shophouses are typically favoured by medium- to long-term investors, who see the potential of rental and capital appreciation. This is particularly so for those that are located near to public transport nodes, and enjoy main road frontage and heavy pedestrian traffic.
Given the exciting plans in place for the Beach Road/Ophir-Rochor Corridor, there is potential for rental upside of more than S$10,000 per month. The space would be ideal for use as a food and beverage establishment or a pub, subject to relevant authorities’ approval.”
According to data tracked by Colliers International/URA, the current average transacted price for shophouses in the district is approximately S$4,700 per sq ft, which is a 20 per cent increase from some S$3,900 per sq ft in 2013. Specifically, a shophouse unit along Beach Road was transacted at S$2.18 million in 2010 and was subsequently re-sold at S$4.9 million in 2014, reflecting a capital appreciation of 125 per cent over 4 years.
The shophouse is located along a popular food street, known for a variety of food and beverage establishments in Chinese, Malay, Turkish, Middle Eastern and Lebanese cuisines.
The immediate vicinity is rejuvenated with several new and upcoming developments – including Concourse Skyline, as well as DUO Residences and South Beach Development; both of which comprise premium residential units, hotels, offices and retail shops.
117 Devonshire Road
The two-storey freehold intermediate terrace house, which includes an attic, occupies a land area of approximately 1,405 sq ft. It is currently tenanted and access to the upper level is via a side staircase.
The indicative price is S$4.4 million.
Under the 2014 Master Plan, the site is zoned for “Residential” use with a plot ratio of 2.8.
Ms Ng continues, “There are only 16 units of terrace houses along that stretch of Devonshire Road and the last transaction for a unit was way back in 2007.
The subject property has a unique façade, which will appeal to a niche group of buyers who appreciates properties that are architecturally distinct. It will be ideal for use as a home office, subject to relevant authorities’ approval.”
117 Devonshire Road is a stone’s throw away from Orchard Road and is near Somerset MRT station.
Ms Ng adds, “Since both properties come with the added advantage of a side staircase to the upper level, the buyer will have the option of occupying part of the premises and rent out the upper level or vice versa. In addition, such properties in the respective locations are rarely made available for sale; hence, they will greatly appeal to investors and end-users.”