A prime freehold corner four-storey conservation shophouse at 240 Tanjong Katong Road is up for sale with a starting price of $8.8 million, marketing agent PropNex said yesterday.
The 2,064 sq ft site is zoned "residential with commercial on the first storey", with an allowable plot ratio of 3.0.
The property is fully occupied, with the ground floor leased to an eatery. According to Urban Redevelopment Authority guidelines, no new eateries are allowed on Tanjong Katong Road from Dunman Road to Mountbatten Road.
The property enjoys prominent frontage on both Tanjong Katong Road and Parkstone Road, and is an 11-minute walk from the upcoming Tanjong Katong MRT station, which is expected to be completed in 2023.
PropNex is offering the property through a closed bidding exercise, as physical auction events are currently not allowed amid Covid-19 restrictions on large gatherings.
Under the exercise, all offers received before the closing date will be made known to sellers and interested bidders.
PropNex head of corporate sales Clarence Goh said that under the closed bidding system, sellers will know that they are receiving firm offers from genuine buyers, while bidders are notified of competing offers, which makes the process transparent.
Submissions under the closed bidding exercise must be sent in by 3pm next Tuesday at Level 11, HDB Hub East Wing.
THE BUSINESS TIMES