Niven Road residential shophouse listed for sale at $5.2 million

A conservation shophouse with freehold located at 31 Niven Road located situated in District 9’s Mount Sophia area in District 9 is available to auction through the expression of interest (EOI) exercise that has an estimated cost of $5.2 million which is $4,163 per square foot of land. The property is situated on land which has been earmarked as residential and has been recently renovated, according to the marketing agent Huttons Asia.

TMW Maxwell completion date is zoned for commercial use under URA’s master plan, the developers intend to seek approval to redevelop a mixed-use development.

The shophouse covers an area of 1,249 square feet as well as a built-up space of 2,077 square feet. The two-storey property is open to living eating, dining and kitchen space on the ground floor as well as an outdoor courtyard. Two bedrooms with ensuites and family space are in the upper floor. According to Huttons the property’s owner, he spent more than half a million dollars on the remodel, which included the installation of brand new Miele kitchen appliances.

Clarie Lim director of the associate division of Huttons Asia, sees the property as being a good value for the freehold, landed property located in a desirable district. “The cost of $2,503 per sq ft for the strata area is comparable to the new city-fringe launch by 2023.” the director adds.

Lee Sze Teck, Huttons senior director of research states that the prices of homes on the market have risen by 50% over the past five years. “The rareness of shophouses for residential use suggests that there is the potential for capital appreciation in the long to mid-term,” he notes.

The EOI process will end on June 6, at 4pm.