$138 million may sound much but for 32 shophouses in Lavendar Street and Serangoon Road, the price tag may be just about right.
Public tender for The Lavender Collection
Occupying 49,200 sq ft, the shophouses called The Lavender Collection has a gross floor area of about 80,000 sq ft.
It has a gross plot ratio of 3.0 and the estimated gross floor area (GFA) translates to about $1,736 psf or $934 psf ppr before any developmental charges.
The site is zoned for commercial use and as such, no additional buyer’s or seller’s stamp duty will apply.
An inquiry on the development baseline record has been submitted for one of the units. There is also an option of building a 6-storey rear extension at the back which doubles the GFA to 14,732 sq ft.
City fringe site close to many districts and upcoming amenities
The location of the site may be particularly attractive to investors and developers as it is within walking distance of Boon Keng, Bendemeer and Farrer Park MRT stations.
It is also situated in the city fringes, just a 10-minute drive away from the Central Business District (CBD) and Orchard Road shopping belt. The Novena City health hub is also not far away, plus the area is undergoing a rejuvenation.
Existing commercial projects nearby include CT Hub, Connexion and City Square Mall; upcoming ones include Centrium Square – a 19-storey commercial project which will hold retail, medical and office spaces.
Commercial spaces in the city fringes have been popular with investors in recent years as they move their sights away from the highly competitive and expensive landscape of prime district commercial properties.
They are now paying more attention to city fringe shophouses as prices are more affordable and rental yields are higher in comparison.