Two freehold shophouses at 284 and 286 Lavender Street are for sale at $6.25 million each or $12.5 million together, as announced by Savills Singapore on Sept 18. Both properties have a combined land area of 3,520 sq ft and are zoned for residential use with commercial at the first storey, with a plot ratio of 3.0. They have a maximum allowable floor area of 10,560 sq ft. The shophouses are within walking distance of Bendemeer MRT Station and are a 10-minute drive to the CBD.

According to the press release, buyers can maximise the plot ratio of the property by adding a 6-storey rear extension and increasing the gross floor area to a potential maximum area of 10,560 sq ft, subject to approval from relevant authorities. There is also potential to convert the upper floors for various uses or to amalgamate both shophouses.

Savills Singapore’s director of investment sales and capital markets, Sophia Lim, says that the surrounding Lavender and Jalan Besar precinct has been undergoing “rejuvenation” and “gentrified into a vibrant lifestyle locale". She adds: “284 and 286 Lavender Street provide astute investors, owner-occupiers, and developers a unique value-added opportunity to acquire a pair of shophouses in a city fringe locale.

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"The shophouses will also allow buyers to purchase a pair of freehold heritage shophouses with strong value-added potential in an exciting and fast-growing enclave."

The EOI exercise closes on Oct 19 at 3pm.