A Rare Pair Of Freehold Katong Shophouses Has Hit The Market At $16 Million — With Potential To Unlock More Space

A pair of freehold conservation shophouses on 57 and 59 East Coast Road have been put up for sale at a guide price of $16 million. The two-storey properties have an estimated total gross floor area (GFA) of 4,500 sq ft, and the guide price works out to $3,527 psf based on the GFA.

Located within the Katong-Joo Chiat conservation belt in District 15, the commercial shophouses sit on a combined land area of 2,521 sq ft with a gross plot ratio (GPR) of 3.0. 

The properties will be sold through an Expression of Interest (EOI) exercise by PropNEx Shophouse Elites, a group under PropNex Realty. The sale is open to all purchasers, including foreigners, with no Additional Buyer’s Stamp Duty (ABSD) payable.

A full commercial freehold pair of shophouses in the Katong conservation belt

Both shophouses are tenanted, with a cafe occupying the space on the ground floor while the upper floor is leased to a co-working operator. Previous approved uses across both units include a restaurant and an office, which reflects the range of commercial configurations these shophouses can accommodate.

Together, both properties feature a wide street-level frontage of approximately 10 metres, with a prominent location at the corner of East Coast Road and Ceylon Road.

“Adjoining freehold shophouse pairs of this scale in the full commercial dark blue zone along East Coast Road are genuinely rare,” says Torie Frances Doshi, Associate Group Director at PropNex, and one of the agents at PropNex Shophouse Elites marketing the sale.

She adds that the combination of a large and unified built-up area, along with the prominent street-level frontage, is a strong attribute for this pair of shophouses.

In addition, the properties can yield an immediate rental income from the established tenants, and the guide price stacks up favourably against recent single-unit comparables along East Coast Road, says Doshi.

The sites for sale also present a redevelopment potential for the new owner, since there is also a substantial gap between the existing built-up area and what the planning rules allow.

Based on the land size of 2,521 sq ft, multiplied by the plot ratio of 3.0, gives a possible maximum permissible GFA of 7,563 sq ft. But the existing property only has an estimated built-up area of 4,500 sq ft. This is about 68% more space than the current size of the two-storey shophouses.

The area already sees high pedestrian footfall due to its proximity to Tanjong Katong Primary School, I12 Katong, Roxy Square, and Katong V. There are also a handful of hotels in the area, such as Village Hotel Katong and the Grand Mercure Roxy Hotel.

On nearby Brooke Road, Fragrance Group acquired the former Katong Plaza for $180 million in October 2024, and the site is expected to be redeveloped into a new hotel.

How does the guide price compare to recent nearby transactions?

If we take a look at some of the recent freehold shophouse transactions in the same commercial zone along East Coast Road, it gives us a sense of the price range that individual commercial assets within this conservation area have been priced so far.

Based on caveated transactions, a close comparison is the sale of 199 East Coast Road, a freehold shophouse that changed hands for $16 million ($3,990 psf) in January this year. That property has an estimated built-up area of 4,010 sq ft, which is smaller than the adjacent freehold pair on the market.

It suggests that, at the same guide price, a buyer acquires more built-up area and further potential to optimise the plot ratio up to the maximum permissible GFA of 7,563 sq ft.

Freehold shophouse activity across the Katong-Joo Chiat belt

Overall, deals in the District 15 shophouse market have stayed active over the past year. On Joo Chiat Road — the other main commercial shophouse corridor in the conservation precinct — recent transactions include a $9.25 million deal in June 2025 for 316 Joo Chiat Road, which sits on a 1,427 sq ft site.

There was also the transaction of two units at 273 and 275 Joo Chiat Road for $8.7 million each – at land areas of 1,160 and 1,234 sq ft, respectively – which closed in September 2025. The shophouse at 259 Joo Chiat Road, on a 1,748 sq ft site,  also changed hands for $10 million when it was sold in October 2025.

Overall, the transaction data indicates that the transaction volume of caveated deals along Joo Chiat Road has generally come in below the volume of sales taking place along East Coast Road.

This could be attributed to East Coast Road’s standing as a major arterial road, where traffic access and parking are more straightforward than on the narrower Joo Chiat Road. On the other hand, building height limits may also play a contributing factor, since a shophouse with three storeys carries considerably more GFA on the same land area than a two-storey unit.

In general, a summary of the transaction activity in this area shows is that buyer appetite for freehold commercial shophouses in District 15 has been sustained across the entire conservation precinct.

Turning to the sale of the commercial freehold shophouses, Doshi says: “Buyers are effectively acquiring two assets in one, with the optionality to continue as-is, reposition the concept, or unlock the significant redevelopment potential that comes with a 3.0 plot ratio on freehold commercial land”.

She adds that some of the potential buyers will include investors, family offices, or lifestyle buyers seeking a stake in the Katong heritage precinct.

The EOI exercise for the sale of this pair of Katong shophouses closes on 31 July 2026. More details can be sought from PropNex Shophouse Elites or Torie Frances Doshi.