The five shophouses along Devonshire Road can be acquired individually or in a joint sale. (Picture: Richmond Capital Investment)
SINGAPORE (EDGEPROP) - A collection of five shophouses along Devonshire Road in prime District 9 have been put up for sale. The properties are individually owned by separate owners, and the shophouses can be acquired individually or in a joint sale.
According to sole marketing agent Richmond Capital Investments, the owners are seeking between $38 million to $40 million for the sale of all five shophouses together. Alternatively, each shophouse has a guide price of between $7.5 million to $8 million if sold on an individual basis.
Each shophouse sits on an individual lot that ranges from 1,100 sq ft to 1,725 sq ft, and they have a built-up area that ranges from 2,700 sq ft to 3,666 sq ft. Each plot is zoned ‘residential’, with a plot ratio of 2.8.
“The buyer could potentially convert the four adjoining shophouses into a residential development with a floor plate of some 6,000 sq ft per floor, subject to relevant authorities’ approval,” says Stella Hoh, director at Richmond Capital Investments.
The shophouses are part of a row of 18 shophouses along Devonshire Road. The properties are close to the Orchard Road shopping belt, and Somerset MRT Station on the North-South Line. They are also served by Killiney Road and Exeter Road.
“Given its prime address and taking reference on current land transaction prices through collective sale in this area, as well as penthouses sales in prime D09 developments, this acquisition presents a unique opportunity for investors or end-users,” says Hoh.
The tender for this sale closes on Jan 12, 2022.