SINGAPORE - A conserved shophouse at Serangoon Road has been put up for sale at an indicative price of $6 million.
The unit at 486 Serangoon Road, off Race Course Road and Beatty Road, is being sold through an auction on May 25 at The Amara Hotel.
The existing development consists of a two-storey shophouse and an attic. It is accessible via an external staircase to the upper floor.
The second floor has been permanently converted for residential use.
The freehold property has a total land area of about 2,096 sq ft and a gross floor area of about 4,000 sq ft.
Under the Urban Redevelopment Authority's Master Plan 2014, the shophouse is sited on land zoned for commercial use, and has a plot ratio of up to 3.
This means the rear portion of the shophouse can be extended up to five storeys, subject to approval from the relevant authorities.
The subject property is located within the Jalan Besar Conservation Area, and is surrounded by other conserved shophouses, HDB flats, private apartments and a number of upcoming condominium projects such as Sturdee Residences and The Citron Residences.
Ms Joy Tan, DTZ's head of auction, said: "We expect a high level of interest, particularly from investors, as the subject property is currently tenanted and will immediately generate rental income for the owner.
"Furthermore, additional value and options become available if the rear portion is expanded to five storeys - through capital appreciation, increased rents and more space for end users."
Source: Straits Times, 13 May 2016