SINGAPORE (EDGEPROP) - A freehold commercial shophouse located at 128 Neil Road is up for sale through an expression of interest (EOI) exercise with a minimum guide price of $16.5 million. This translates to $5,882 psf on the built-up area.

The two-storey shophouse located in the Bukit Pasoh Conservation Area had previously been put up for sale by tender in June with an asking price of $18.8 million ($6,866 psf), but did not find a buyer.

The shophouse occupies a land area of 1,336 sq ft zoned for commercial use. It comes with a mezzanine and has an estimated built-up area of about 2,805 sq ft, subject to a site survey.  It is currently fully tenanted and is being used as an office.

Read also: Freehold shophouse on Beach Road to be auctioned from $9.38 mil

The property is within walking distance to the Maxwell, Tanjong Pagar and Outram Park MRT Stations.

Loyalle Chin, director of PropNex ShophouseHuat and associate district director at PropNex Realty remarks that the property’s attributes and location makes it an investment opportunity for buyers who seek an office space for their business or as an immediate income-yielding asset. He believes the shophouse will attract investors seeking “value buys” below $20 million.

The EOI exercise for 128 Neil Road will close on Nov 1 at 3pm.