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Jones Lang LaSalle appointed as sole marketing agent to run an Expressions of Interest campaign
SINGAPORE, 2 September 2013 – Jones Lang LaSalle, as sole marketing agent, is pleased to offer five freehold shophouses along Tanjong Katong Road for sale through an Expressions of Interest campaign.
The properties are zoned “Residential with Commercial at the 1st storey” with Gross Plot Ratio (GPR) 3.0 and can be allowed 4-storey extensions at the rear, providing the ability to fully maximise the gross floor area.
362 Tanjong Katong Road is a 2-storey corner shophouse at the junction of Wilkinson Road with a land area of 2,026 sq ft and built-up area of 3,800 sq ft. The ground floor is leased to popular F&B operator Bar Bar Black Sheep, while the upper floor is fully leased out as studio apartments. There is an opportunity to increase the gross floor area to 6,000 sq ft.
332 to 338 Tanjong Katong Road comprises of 4 adjoining 2-storey shophouses, including the corner junction of Branksome Road with a total land area of 6,216 sq ft and current built-up area of 9,888 sq ft. The property is being sold with vacant possession and provides an opportunity to develop to a gross floor area of 18,600 sq ft, with potential for strata title sale on a unit basis.
The properties are being offered for sale together as a portfolio or separately. Apart from being next to well-established landed housing estates within Katong, the properties offer convenient access to the prime residential areas of Meyer Road, East Coast Road and Marine Parade Road. Upon its expected completion in 2020, the upcoming Eastern Regional Line will also further connect residential estates in the east.
Mr Ashish Manchharam, Regional Director of Investments at Jones Lang LaSalle comments, “This offering provides a rare opportunity to acquire up to five freehold shophouses with development potential within an established residential location. The Tanjong Katong and East Coast Road area remains a popular location for niche retail and F&B operators with its eclectic mix of cafes, trendy restaurants and lifestyle outlets. There is potential for F&B use on the ground floor, which allows owner occupiers and investors the ability to capitalise on the growing demand in the location. The under-utilised plot ratio can be maximised by building out a rear block, which could either be leased out or sold as studio apartments.”
The expressions of interest exercise will close at 3.00 pm on Wednesday, 25 September 2013. - ends-Notes to editors1. Please contact Vivian Lim at 6494 3824 or email@example.com should you require high resolution images of the shophouses.About Jones Lang LaSalle Jones Lang LaSalle (NYSE:JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. With annual revenue of $3.9 billion, Jones Lang LaSalle operates in 70 countries from more than 1,000 locations worldwide. On behalf of its clients, the firm provides management and real estate outsourcing services to a property portfolio of 2.6 billion square feet and completed $63 billion in sales, acquisitions and finance transactions in 2012. Its investment management business, LaSalle Investment Management, has $46.3 billion of real estate assets under management.Jones Lang LaSalle has over 50 years of experience in Asia Pacific, with over 26, 100 employees operating in 79 offices in 14 countries across the region. The firm was named ‘Best Property Consultancy’ in nine Asia Pacific countries at the International Property Awards Asia Pacific 2012, in association with HSBC, and was named the number one real estate advisory firm in Asia Pacific in the Euromoney Real Estate Awards 2012. www.ap.joneslanglasalle.com 200 East Randolph Drive Chicago Illinois 60601 │ 22 Hanover Square London W1A 2BN │ 9 Raffles Place #39–00 Republic Plaza Singapore 048619
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