SINGAPORE (EDGEPROP) – A freehold conservation shophouse at 31 Niven Road, in the Mount Sophia area in District 9, is up for sale through an expression of interest (EOI) exercise with a guide price of $5.2 million, or $4,163 psf on the land area. The property sits on land designated for residential use and is newly renovated, says marketing agent Huttons Asia.

The shophouse has a land area of 1,249 sq ft, with a built-up area of 2,077 sq ft. The two-storey property has an open-concept living, dining and kitchen area on the first floor and a courtyard. Two en suite bedrooms and a family area are located on the second floor. According to Huttons, the owner spent over half a million on the renovation, including the installation of new Miele kitchen equipment.

Clarie Lim, associate division director of Huttons Asia, sees the property as attractively priced for a freehold, landed property in a prime district. “The price of $2,503 psf on the strata area is similar to new city-fringe launches in 2023,” he adds.

Lee Sze Teck, Huttons’ senior director of research, adds that landed home prices have appreciated almost 50% in the last five years. “The rarity of residential shophouses means there is potential for capital appreciation over the mid to long term,” he notes.

The EOI exercise will close on June 6 at 4pm.