Four-Storey Mixed-Use Building at River Valley Road On Sale for 24mil

06-Aug-2020 Intellasia | PropertyGuru | 10:50 AM Print This Post

A four-storey mixed-use building at 286 and 288 River Valley Road has been put up for sale via expression of interest (EOI), with a guide price of $24 million or $5,742 on land area, revealed exclusive marketing agent CBRE.

The District 9 freehold property occupies a 4,180 sq ft site that is zoned for “Residential with Commercial Use at the 1st storey” under the 2019 Master Plan.

The property, which also comprises six mechanical carpark lots, has a total built-up area of about 11,660 sq ft, based on its existing plot ratio of 2.8. Currently, the two ground-floor units are occupied by beauty services salons.

Michael Tay, Head of Capital Markets, Singapore at CBRE expects the property to attract the interest of both investors and owner occupiers.

“While the successful buyer will enjoy an immediate turnkey income-producing asset, he or she can also consider a potential change of use for the property or alteration works in the near future, subject to relevant authorities’ approval,” he says.

“For instance, the upper floors can be changed to accommodate serviced apartments or student hostel, while some other potential uses for the ground-floor units can be a clinic, a childcare centre or a restaurant,” he adds. 

Strategically situated along River Valley Road, the property enjoys a prominent main road frontage of about 12 meters. It is about 400 meters from Fort Canning MRT station and within walking distance to Robertson Quay and Fort Canning Park.

Nearby landmarks include UE Square Mall as well as Liang Court which is in the midst of transforming into an integrated development featuring hotel, commercial and serviced apartment components.

The EOI exercise for the property closes on 30 September.

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Eugenia Liew, Senior Digital Content Specialist at PropertyGuru, shared this story. To reach out or pitch news stories, contact [email protected]

 


Category: PRAsia, PropertyAsia

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