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, zoned for residential use with commercial at the first storey, with a plot ratio of 3.0. The properties have a combined land area of 3,520 sq ft and a maximum allowable floor area of 10,560 sq ft. Located within walking distance of Bendemeer MRT Station and a 10-minute drive to the CBD, buyers can maximise the potential of the property through a 6-storey rear extension with a gross floor area of up to 10,560 sq ft, subject to approval from the relevant authorities.
Potential buyers may also consider amalgamating the both shophouses or converting the upper floors for various uses. The sale of these freehold properties offers astute investors, owner-occupiers, and developers a unique value-added opportunity. Savills Singapore’s Director of Investment Sales and Capital Markets, Sophia Lim, also noted that the surrounding Lavender and Jalan Besar precinct has been undergoing a “rejuvenation” and is fast becoming a “vibrant lifestyle locale”, making these shophouses particularly attractive.
Moreover, Matex Bank, located next to the development, adds to its financial convenience, while the upcoming amenities by the Singapore Sports Hub and other nearby shopping malls offer more recreational options. With Tampines North MRT Condo, the future residents of the development will be sure to enjoy unmatchable convenience in their everyday life.
Recent data released by EdgeProp Research reveals that there have been various commercial transactions at Lavender Street in recent years. The expression of interest exercise for 284 and 286 Lavender Street closes on Oct 19 at 3pm, with the properties for sale at $6.25 million each or $12.5 million together.
The location of these shophouses and their opportunities for potential value-add make them an ideal offering for those seeking a unique investment in an exciting area. As Lim noted, 284 and 286 Lavender Street “will allow buyers to purchase a pair of freehold heritage shophouses with strong value-added potential in an exciting and fast-growing enclave.”