Freehold shophouses in Moonstone Lane estate offer redevelopment opportunity, going for over $15 mil
By Timothy Tay
/ EdgeProp Singapore |
The row of shophouses occupies a total land area of 5,638 sq ft and comprises a corner and three intermediate units. (Picture: Knight Frank)
SINGAPORE (EDGEPROP) - The owner of four shophouse units along Moonstone Lane in District 12 will put up the properties for sale at Knight Frank’s next auction on March 22, with a guide price range of $15 million to $16 million.
The corner and three intermediate shophouses occupy a total land area of 5,638 sq ft. Based on the guide prices, the properties could fetch a land rate of at least $2,660 psf. The corner unit and two of the neighbouring units feature a three-storey roof terrace while the last shophouse retains its original two-storey layout. Based on the 2019 Master Plan, the shophouses are zoned “Residential with Commercial at First Storey” and have a gross plot ratio of 3.0.
The shophouses belong to a cluster of similar properties bounded by Moonstone Lane and Opal Crescent. They feature the highest gross plot ratio (GPR) in that neighbourhood. Other residential and commercial sites in the vicinity typically feature a GPR of 2.8 or 1.4. (Find Singapore commercial properties with our commercial directory)
The sale presents a prime redevelopment opportunity as the site has the potential to be redeveloped into a six-storey building, subject to approvals. The owner also intends to sell the four properties together rather than separately.
The Moonstone Lane estate is an often-overlooked section located near Serangoon Road. The area is relatively mature with several landed detached and semi-detached houses, as well as a mix of high and low-rise apartment blocks and condominiums, and enjoys additional road connectivity through Upper Serangoon Road, MacPherson Road and Bendemeer Road. The area is also close to Potong Pasir and Boon Keng MRT Stations on the North-East Line and the Kallang Park Connector Network, which has cycling and jogging tracks that lead to Kallang Riverside Park and Bishan-Ang Mo Kio Park.
A view of the Moonstone Lane estate near Serangoon Road, taken before the completion of Jui Residences in 2017. (Picture: Samuel Isaac Chua/The Edge Singapore)
The area briefly enjoyed some attention when Malaysian-listed developer Selangor Dredging launched the 117-unit Jui Residences in September 2018. The freehold development was fully sold by August last year, achieving an average selling price of $1,879 psf. There has not been another launch of a new private residential development in the area since.
CBRE was able to sell a pair of shophouses at Moonstone Lane in June 2020, after the two properties were collectively offered for sale from February that year. According to caveats, the two freehold shophouses were sold for $5 million ($1,738 psf), which is lower than the initial $6.6 million asking price.
Based on caveats, the most recent shophouse transaction at Moonstone Lane estate was the sale of 2/2A Ruby Lane. The property was transacted for $6.88 million ($3,676 psf) on Jan 12 this year. In October 2019, two shophouses at 20 and 22 Moonstone Lane were each sold for $2.85 million ($2,003 psf and $2,018 psf respectively). Another shophouse at 16 Moonstone Lane changed hands for $2.96 million ($2,048 psf) in August 2018. (Check all latest property transactions in Singapore)
Check out the latest listings near Moonstone Lane, Jui Residences, Potong Pasir MRT Station, Boon Keng MRT Station
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