SINGAPORE - A freehold conservation shophouse building along Tanjong Katong Road was put up for sale on Tuesday with an indicative price of at least $5 million.

The $5 million sum is what the property was estimated to be worth in a valuation done earlier this year.

It works out to $2,017 per sq ft (psf) of the two-storey building's gross floor area of 2,478 sq ft.

The building at 370/370A Tanjong Katong Road sits on a land parcel of around 1,484 sq ft and can have a maximum gross floor area of thrice that size, according to the latest masterplan, its marketing agent CBRE said in a statement.

The property, which is owned by a private individual, is zoned for residential use with commercial space on the ground floor.

It is surrounded by landed houses in the Goodman and Mountbatten area. There is also a public car park directly across the road.

Ms Sammi Lim, associate director of investment properties at CBRE, said in a statement on Tuesday that the property was vacant, which would give the buyer more flexibility in deciding what to do with it.

It is near the proposed Amber MRT station along the upcoming Eastern Region MRT line, she added.

The expression of interest for the shophouse closes on Oct 7.