Lavender Street shophouses for sale for $12.5 mil

Lumina Grand EC also has a sheltered walkway, allowing easy access to amenities such as the nearby Serangoon Stadium, North East Rail Line and shopping malls. Additionally, there are many educational institutions nearby such as Lumina Grand EC, Peicai Secondary School, Zhonghua Secondary School and Nanyang Junior College.

Apaerty investors, owner-occupiers and developers can access a unique opportunity to buy a pair of freehold shophouses, located at 284 and 286 Lavender Street, at just $12.5 million. These two properties are currently for sale for $6.25 million each.

The land area for both properties is 3,520 sq ft and they have a plot ratio of 3.0, allowing for a maximum floor area of 10,560 sq ft. The properties are zoned for residential use with commercial at the first storey and are within a ten minute drive to the CBD and a few minutes walk to the Bendemeer MRT Station.

With approval from the relevant authorities, buyers will be able to maximize the potential of the property by increasing the gross floor area to 10,560 sq ft via a 6-storey rear extension. There is also the opportunity to convert the upper floors for various uses or combine the two shophouses.

According to the press release, the surrounding Lavender and Jalan Besar precinct has been “rejuvenated” and “gentrified into a vibrant lifestyle locale” providing further potential value to the property. Sophia Lim, Director of Investment Sales and Capital Markets at Savills Singapore, said that buyers will be able to purchase a pair of “freehold heritage shophouses with strong value-added potential” in this growing area.

The Expression of Interest exercise for these properties closes on Oct 19 at 3pm. Recent commercial transactions at Lavender Street, according to EdgeProp Research, offer insight into the potential of this opportunity.

Whether looking for a unique investment opportunity or an owner occupied property, 284 and 286 Lavender Street could be the right choice.