Five adjoining shophouses along Upper Bukit Timah Road has been put up for tender sale by Jones Lang LaSalle yesterday.

The tenanted, freehold shophouse properties are zoned for “Residential” use with a plot ratio of 2.5 in the Master Plan 2008.  There is potential for the space to be redeveloped into a residential development with a Gross Floor Area (GFA) of some 25,650 sq ft.

Quek Soh Hoon, Head of Commercial Investments at Jones Lang LaSalle said,” The improved economic situation has boosted market confidence.  Buying interest is strong for new property launches and this in turn has led to strong and aggressive bidding for Government land parcels in recent tenders. The Ten Mile Junction tender in February 2010 attracted 8 bids and was eventually sold at $437 per sq ft, per potential gross floor area. Given its proximity to Ten Mile Junction, the subject tender should attract good interest.”

She added that a new development on the site could potentially yield some 30 to 40 studios and 2-bedroom apartments.  

The tender sale closes on 19 May 2010.