Shophouse in a freehold located on Everton Road going for $6.98 mil

A freehold shophouse on 9 Everton Road will be placed on the market for auction by the owners at Edmund Tie’s auction on the 28th of July.
It is situated on Neil Road in the Blair Plain Conservation Area. The two-storey shophouse is situated on a 2,023 square foot corner plot that has an 7.7m strada frontage. Based on a constructed-up area of 4,000 square feet and a the guide value of $6.98 million and the price is set at $1,745 per square foot.
The land is designated “residential” under the 2019 Master Plan. The shophouse is home to three bedrooms, as well as a huge family space. The property is being offered for sale with an existing lease which will end on February 20, 2023. Theproperty has a fascinating story. It was the site of an Chinese sausage production plant.
The shophouse is situated close near the Central Business District, Tanjong Pagar and the planned SGH medical campus located at Singapore General Hospital Singapore General Hospital, which is expected to be the largest medical facility in Singapore. The nearby MRT stations are Outram Interchange on the East-West and North-East Lines, as well as Cantonment station located on the Circle Line.
For motorists There is a multi-storey parking garage in the adjacent Everton Park HDB development as there is street parking available along Everton as well as Blair Road.

FREEHOLD RESIDENTIAL SHOPHOUSES A RARE BREED

As per Joy Tan, head of auction and sale for Edmund Tie, freehold residential shophouses are held tightly and the majority of these homes are classified for business use.

“This property offers an alternative to landed living in a city-fringe area and would appeal to those who want to escape the urban jungle but remain within walking distance to their workplace,” Tan adds. Tan.

The new owner may decide to preserve the building’s current façade. The interiors had been modernized in the past seven years by the tenants who are currently in the building and well-maintained it is not necessary to make any changes Tan says Tan. There is room for additional bedrooms should they be necessary.
Facade restoration , as well as further addition and alteration projects are estimated to cost around $160,000 according to the proprietor who had hired an interior designer to provide a quote.
The shophouse was placed up for auction by auction in the month of September of 2020. But, the time was not favourable, since the economy was just come out of The Covid-19 “circuit-breaker”.
Many buyers may view this property “a collectible” given that it is a heritage home which is rare and is situated in an area of conservation that is close to the CBD. Tan anticipates that interest will come from owner-occupants and investors.
The new owner might consider the possibility of changing the use and then convert the area for co-living. “The potential buyer would certainly consider all three options,” Tan says. Tan.
The most recent transactions within the Blair Plain Conservation Area were in the months of November and December, when two adjoining conservation shophouses located along Neil Road were purchased for $7.4 million and $7.5 million, respectively. The shophouses are located on freehold land of 3,457 sq. ft. and 3,353 sq ft, respectively. Before this, the storehouse next the 9 Everton Road, namely 8 Everton Road fetched $3.8 million in August of last year. The shophouse is located on land of less than 1,668 square feet and its interiors are set to undergo extensive renovation.

GREATER SOUTHERN WATERFRONT EFFECT

Due to its proximity in proximity to CBD, Chinatown and future Greater Southern Waterfront, the shophouse located at 9 Everton Road is expected to profit from rent demand as well as future capital appreciation, according to Tan.
In the new 2019 Master Plan, Greater Southern Waterfront which extends across Pasir Panjang to Marina East is expected to be transformed into a bustling living-work-play area. Tan believes that the residents of Blair Plain as being part of the Blair Plain conservation area benefiting by being close to new amenities and lifestyle options in the new district.
According to Tan Tan, the shophouses that are conservation located in The Blair Plain conservation area tend to be ignored. “When one thinks of conservation shophouses in Districts 1 and 2, many would immediately associate them with those in Chinatown, Telok Ayer and Tanjong Pagar.”
She says that most of the shophouses within these zones are designated for commercial use , but only a few have been granted approval for changing their use to residential.
“However there is a good chance that it is worth noting that the Blair Plain Conservation Area offers a charming neighborhood that is mainly residential shops. It’s far from the traffic and noise of the city center which offers a tranquil life, while in the same time being close towards downtown. CBD,” says Tan.
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