3 CBD commercial shophouses up for sale for total of S$31m

These commercial conservation shophouses can be purchased separately or as a group

Thu, Oct 10, 2019

THREE shophouses - at Telok Ayer Street, Stanley Street and Smith Street - have been launched for sale for a total of S$31 million via an expression of interest (EOI).

A trust company has appointed Knight Frank Singapore to offer the portfolio of three commercial conservation shophouses, and these can be purchased separately or as a group.

All the shophouses are zoned Commercial under the Master Plan 2014. As these are commercial properties, the sale is open to both locals and foreigners, with no Additional Buyer's Stamp Duty and Seller's Stamp Duty imposed on the purchase price.

The first shophouse, a 2.5-storey freehold unit located at 151 Telok Ayer Street, has a guide price of S$12 million. The shophouse has a land area of 1,574 square feet (sq ft), and built-up area of 3,198 sq ft.

The ground floor space could potentially be utilised as an F&B outlet, subject to the authorities' approval, said Knight Frank in a media release on Wednesday.

As for the freehold shophouse at 14 Stanley Street, it is a 2.5-storey unit currently occupied by a restaurant on the ground floor and offices on the upper floor. The shophouse has a land area of 1,491 sq ft and built-up area of 3,265 sq ft. The guide price for this unit is S$12 million.

The third shophouse - a two-storey corner unit at 8 Smith Street - has a land area of 2,096 sq ft and built-up area of 3,559 sq ft. It is currently tenanted to an F&B establishment on the ground floor. The guide price for this shophouse is S$7 million.

"Recently, we have witnessed high levels of interest in the conservation shophouses that we're marketing in the CBD (central business district)," said Mary Sai, executive director (Investment and Capital Markets) at Knight Frank Singapore.

"In fact, one of them in the Telok Ayer vicinity transacted at a sale price in excess of S$13 million, in August," she added.

Ian Loh, the head of Investment and Capital Markets at the property consultancy, said: "These commercial assets provide immediate rental income and potential strong reversionary rental, particularly with the diverse range of entertainment, cultural and lifestyle attractions in the vicinity."

The EOI for all three shophouses will close on Nov 13 at 3 pm.