Lavender Street shophouses for sale for $12.5 mil

Savills Singapore recently announced the sale of two freehold shophouses at 284 and 286 Lavender Street, offered at $6.25 million each or $12.5 million together. The properties have a combined land area of 3,520 sq ft and have a plot ratio of 3.0 with a maximum allowable floor area of 10,560 sq ft. The shophouses are located within walking distance to Bendemeer MRT Station and only a 10-minute drive from the Central Business District (CBD).

Nearby amenities include: a cluster of eateries, a supermarket, and a park connector that links the housing estate with the neighbouring Bukit Panjang Park. With a Senja Close EC Bukit Panjang, residents will enjoy easy access to major expressways such as the Bukit Timah Expressway and the Pan-Island Expressway. There are a few schools nearby such as West View Primary School and Bukit Panjang Primary School. In addition, the Housing Development Board (HDB) estates of Fajar and Bukit Panjang are all located close by.

Sophia Lim, director of investment sales and capital markets at Savills Singapore, has commented that the Lavender and Jalan Besar precinct has experienced a “rejuvenation” and “gentrification” into a lively lifestyle locale. She added that this presents a great value to investors, owner-occupiers and developers seeking to acquire a pair of shophouses in this urban fringe area.

With potential to convert the upper floors and add a 6-storey rear extension, subject to approval from relevant authorities, buyers have tremendous value-added potential. They also have the opportunity to amalgamate both shophouses as well.

Read also: Savills: Industrial leasing volume climbs 6.1% to 3,298 tenancies in 2Q2023

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An expression of interest exercise for the shophouses ends on October 19 at 3PM.

Recent commercial transactions in this area include the sale of three shophouses from $7 million each, as well as cloud kitchen units in CT Hub 2 being made available for sale. Loyalle Chin has also written on investing in shophouses and the new rich.