SINGAPORE (EDGEPROP) - A two-storey freehold conservation shophouse with attic and a three-storey rear extension at 131 Tyrwhitt Road in Lavender has been put up for sale with the guide price of $7.5 million ($2,137 psf) via an Expression of Interest (EOI) exercise.  Savills Singapore was appointed as the sole exclusive marketing agent.

See also: Two freehold Lavender shophouses selling from $23.8 mil

Zoned as “Residential with commercial first storey” in the 2019 Master Plan, the site spans 1,499 sq ft and has a built-up area of 3,509 sq ft. The ground floor has been approved for restaurant use, and is currently operated by a cafe. (Find Singapore commercial properties with our commercial directory)

In addition, A&A works had been conducted in 2016 to include an outdoor alfresco dining area and en suite bathrooms in individual units.

Bendemeer MRT Station, on the Downtown Line, is located a few minutes’ walk away. “There has been a flurry of shophouse activity in the Jalan Besar district due to  a demand spillover from Districts 1 and 2 shophouses” says Yap Hui Yee, senior director of investment sales and capital markets at Savills Singapore.

The Lavender and Jalan Besar precinct has been gentrified into a vibrant lifestyle locale that is popular with the locals and expatriates, she adds. A diverse mix of tenants in the area includes the well known cafes such as Chye Seng Huat Hardware, Druggist and Wimbly Lu.

The supply of shophouses along Tyrwhitt Road is limited, adds Yap. Following the sale of the neigh- bouring two-storey conservation shophouse at 133 Tyrwhitt Road for $6.35 million last November, Yap says 131 Tyrwhitt Road is “arguably, the only shop- house along this bustling stretch of Tyrwhitt Road available for sale”.

The shophouse currently reaps a rental yield of 3%, which Yap believes will be attractive to investors.

The EOI exercise will close on Thursday, July 21, at 3pm.

Check out the latest listings near Jalan Besar, Lavender, Bendemeer MRT Station