SINGAPORE (EDGEPROP) - A trio of freehold terraced houses at 90/92/94 Guillemard Road will be offered for sale at ERA Realty Network’s auction event on July 27. This is the second time the properties will be offered for sale. They were first offered under ERA’s June auction list. (See also: Freehold properties at 3 & 9 Norris going for $16.5 mil)
The owner of the three adjacent properties has set a total guide price of $10.8 million. The trio comprise two corner terraced houses and an intermediate unit. The properties sit on a 5,254 sq ft land plot and the guide price translates to a land rate of about $2,055 psf.
According to Alison Lee, assistant vice-president, auctions & sales at ERA Realty Network, and the agent marketing these properties, the properties have two separate strata titles. One title belongs to the corner terraced house at 90 Guillemard Road, and the other title covers the two units at 92 & 94 Guillemard Road. But the owner wants to sell these properties collectively, says Lee.
The three terraced houses at 90/92/94 Guillemard Road are fully tenanted at $23,000 per month. (Pictures: ERA)
The two-storey terraced houses sit on a residential-zoned site, but the owner obtained permission from the authorities to convert the three ground-floor units for F&B use. The buildings are fully tenanted, and the ground-floor units have been leased to a dine-in restaurant and two takeaway kitchens.
“It is uncommon for terraced houses in this area to receive F&B approval for ground-floor units. It makes these rare properties to own in this area,” says Lee.
The total monthly rent for leasing out all the available space in the three buildings, which also includes residential units on the upper floors, is about $23,000, says Lee. The properties were also recently renovated; the exterior was refurbished and new floor tiles were laid for all units. A new exhaust system was installed to service the F&B-approved units.
“This will likely attract investors who want to boost their investment portfolio with a property that earns recurring income for some time. The new owner will not need to search for new tenants when he takes possession,” says Lee.
The properties sit on a 5,254 sq ft land plot.
So far, the listing has attracted keen interest from a few prospective buyers, says Lee. Since the properties were listed only last month, potential buyers need time to plan their finances, she adds. She expects buying interest to grow in the weeks leading up to the auction on July 27.
“The Guillemard Road area in Geylang is close to the city centre as well as sub-regional commercial nodes like Paya Lebar. In addition, these properties are close to Mountbatten MRT Station on the Circle Line and enjoy high road connectivity,” says Lee. She adds that the proximity to residential areas and the MRT station means that the area enjoys relatively high footfall that will benefit F&B operators and investors.