Source : The Business Times, August 12, 2009
WORLD Class Land, a subsidiary of listed Aspial Corporation, has bought a cluster of 18 freehold shophouses fronting Joo Chiat and Onan roads for $25.63 million.
'The transacted price reflects $410 per square foot on the existing gross floor area of 62,489 sq ft. Upon redevelopment, the property may have the potential of achieving a gross floor area of 81,000 sq ft,' said Credo Real Estate managing director Karamjit Singh, whose firm handled the sale of the properties through a tender that closed last week.
The seller is a family trust.
The properties comprise two back-to-back rows of nine units of three-storey shophouses with a site area of 35,440 sq ft.
Under Master Plan 2008, the shophouses along Joo Chiat Road are gazetted as conservation buildings with a 3.0 gross plot ratio, while the portion that fronts Onan Road is zoned for residential use with a 1.4 gross plot ratio.
'The buyer may consider refurbishing the buildings while adding more floor area to the shophouses in Joo Chiat Road before renting them or selling them as individual shophouse units,' Mr Singh said.
'As for the Onan Road shophouses, the buyer has the option to redevelop them into a residential block of up to five storeys or refurbish them for sale or investment.
'The tender attracted developers and private investors with experience in restoring conservation shophouses.'
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