Two Kampong Glam shophouses being sold

Korean buyer pays S$18.8m for Bali Lane unit housing Blu Jaz Cafe, and S$10.2m for a Beach Road shophouse

Thu, Oct 24, 2019


TWO conservation shophouses in historic Kampong Glam are changing hands for a total of S$29 million.

A South Korean party is paying S$18.8 million for 11 Bali Lane, where the Blu Jaz Cafe operates, and S$10.2 million for 241 Beach Road, which houses Piedra Negra Mexican Bar and Restaurant.

Both F&B outlets are operated by the Blu Jaz group, which has leased the two properties from the seller, an Indonesia citizen-turned-Singaporean involved in a range of businesses, including investing in shophouses.

Both shophouses are on 999-year leasehold sites. The Bali Lane property has three levels with a total built-up area of around 4,680 sq ft, say sources. The price translates to slightly over S$4,000 psf.

The price for the Beach Road shophouse works out to S$3,200 psf on built-up area. It has a triple frontage, with bold murals adorning the walls on each side of the longish shophouse. It spans two floors and a mezzanine level.

Nearby, the Blu Jaz Cafe in Bali Lane has been in the limelight, having been credited for bringing a buzz to the local music scene with its live music and DJ gigs for more than a decade.

The cafe lost its entertainment licence this year, after having racked up more than 24 demerit points in two years; it had packed in more patrons than was allowed in its space, thus raising public-safety concerns.

Although it can no longer hold live performances, it still draws crowds from operating as an eatery.

Another property in the neighbourhood is also changing hands: The Amaris by Santika, a 38-room boutique hotel on a 999-year leasehold site at 21 Middle Road, is being sold for S$29.7 million.

The six-storey building with dual frontages is on a 2,272 sq ft site. It is being sold by a Singapore-incorporated vehicle that is majority-owned by an Indonesia-based entity. The buyer is a company owned by a Singaporean.