Upper Paya Lebar Road shophouse for sale at $8.8 mil

A corner shophouse on Upper Paya Lebar Road is up for sale via an expression of interest (EOI) exercise with a guide price of $8.8 million. The two-storey property sits on freehold land that is zoned for “residential with commercial at 1st storey” use and has a built-up area of about 3,089 sq ft, excluding the open roof terrace.

The shophouse occupies two separate strata titles at 129 and 129A Upper Paya Lebar Road, according to marketing agent Huttons Asia. The first storey has permanent approval for restaurant usage and includes an outdoor refreshment area. Access to the upper level of the shophouse is through a separate staircase at the side of the property. The shophouse is located 420m away from Tai Seng MRT Station on the Circle Line.

The restaurant on the first floor of the shophouse draws steady patronage from workers at the surrounding industrial and commercial buildings, notes Jeremy Lim, executive group district director at Huttons Asia. He adds that new residential developments in the surrounding Bartley and Bidadari areas have also contributed to demand for F&B restaurants and other retail offerings on Upper Paya Lebar Road.

Geraldine Teh, associate division director at Huttons Asia, expects the proposed rejuvenation of the Defu Industrial Estate nearby will further bolster demand. The expansion of the estate is expected to add about 2.1 million sq m (22.6 million sq ft) of industrial space for the logistics, precision engineering and biomedical sectors.

Lee Sze Teck, Huttons Asia’s senior director of data analytics, concurs. He believes the future prospects of the shophouse, coupled with its “attractive” price quantum below $10 million, should appeal to investors.

The EOI exercise for the shophouse will close on March 28 at 4pm.