Four Tessensohn Road shophouses up for sale at $25m

Buyers can redevelop the property into a mixed-use retail-home project.

A row of four contiguous freehold conservation shophouses at No. 15, 17, 19 and 21 Tessensohn Road has been launched for sale at a minimum reserve price of $25m, marketing agent Cushman & Wakefield said.

According to an announcement, the property can be partially developed into a mixed-use retail/residential project in a heritage precinct dotted with conservation shophouses. The property, comprising four individual land titles, has a total land area of 553.5 sqm (5,958 sqft). Under the Master Plan 2014, it is zoned “Residential with Commercial at 1st Storey”, with a gross plot ratio of 3.0.

The gross floor area (GFA) can be maximized up to 1,660.5 sqm (17,873 sqft approximately) with a possibility for a rear extension up to six-storey, under the secondary settlement of the Jalan Besar Conservation Area. No. 15 and 21 are the original 2-storey shophouses, whilst No. 17 and 19 have a part 2-storey front and part 3-storey rear. Each shophouse has a private car park lot.

The four shophouses are currently being held by three separate ownerships and the owners have decided to jointly put up for sale by tender. The reserve price would translate to about $1,399 psf on the allowable maximum GFA. The successful bidder can efficiently construct a corner 6-storey rear extension over the four land plots, subject to relevant authorities’ approval.

Cushman & Wakefield director of capital markets Christina Sim commented, "The new owner can explore adding studio-style apartment units in the rear extension for strata sales or unique co-living concept for rental income. In addition, the ground floor spaces will be suitable for hip and unique food & beverage concepts to cater to the surrounding residential catchment.”

The tender for this property will close at 3 p.m. on 28 August 2018.