SINGAPORE – Knight Frank Singapore has been appointed by a trust company to offer a portfolio of 3 conservation shophouses for sale via Expression of Interest (EOI). The conservation shophouses are located within District 1, at Telok Ayer Street, Stanley Street and Smith Street respectively. The properties can be purchased individually or as a portfolio.
Commercial conservation shophouses, particularly in prime central locations, are highly sought after by investors, as they are rarely available and tightly held.
All 3 shophouses are zoned Commercial under the Master Plan 2014. As it is a commercial property, 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 of the properties.
#1 151 Telok Ayer Street
The freehold shophouse at 151 Telok Ayer Street is prominently located near the junction of Telok Ayer Street and Cross Street, surrounded by a busy street of eateries, amenities and historical places of worship. The 2.5-storey intermediate shophouse is also within the Telok Ayer Conservation Area.
Easily accessible, Telok Ayer MRT station is just 200 metres away, whilst connectivity is further enhanced by the proximity to major expressways such the Central Expressway (CTE) and East Coast Parkway (ECP).
The shophouse has a land area of approximately 146.2 sq m (approximately 1,574 sq ft) and built-up area of approximately 297.36 sq m (approximately 3,198 sq ft). The ground floor space could potentially be utilised as an F&B outlet, subject to authorities’ approval.
The guide price for the Telok Ayer Street shophouse is S$12 million.
#2 14 Stanley Street
At 14 Stanley Street, the freehold shophouse sits on a one-way street in the Telok Ayer area of Chinatown. Situated on the boundary between the Downtown Core and Outram Planning Area, the street links McCallum Street to Boon Tat Street, flanked on the left by other conserved shophouses. The 2.5-storey shophouse is currently occupied by a restaurant on the ground floor and offices on the upper floor, along a stretch of F&B establishments.
The property is also within walking distance of Telok Ayer MRT station, just 300 metres away. The shophouse has a land area of approximately 138.5 sq m (approximately 1,491 sq ft) and the built-up area of approximately 306.17 sq m (approximately 3,265 sq ft) and is situated within the Telok Ayer Conservation Area.
The guide price for the Stanley Street shophouse is S$12 million.
#3 8 Smith Street
The 2-storey corner shophouse at 8 Smith Street is located in a prime area of Chinatown, along with the revamped, 100m sheltered Smith Street Chinatown Food Street that is well known for local roadside hawker delights.
Positioned within the Kreta Ayer Conservation Area off Neil Road, the shophouse stands amidst a colourful, cultural area comprising a plethora of coffee shops, ethnic associations, boutique hotels and restaurants. Other than its popularity as a tourist attraction, the area is fast changing into a food haven, with top-rated eateries pulling in locals and tourists alike. The area is also accessible via Kreta Ayer Road.
The shophouse has a land area of approximately 194.7 sq m (approximately 2,096 sq ft) and the built-up area of approximately 330.72 sqm (approximately 3,559 sq ft) and is currently tenanted to an F&B establishment on the ground floor.
The guide price for the Smith Street shophouse is S$7 million.
Ms Mary Sai, Executive Director of Investment and Capital Markets, Knight Frank Singapore, says, “Recently, we’ve witnessed high levels of interest in the conservation shophouses that we’re marketing in the CBD. In fact, one of them in the Telok Ayer vicinity transacted at a sale price in excess of S$13 million, in August.”
Mr Ian Loh, Head of Investment and Capital Markets, Knight Frank Singapore, further shares, “This is a rare opportunity to acquire a portfolio of highly coveted conservation shophouses, right at the heart of the Central Business District. 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 3 shophouses will close on Wednesday, 13 November 2019, at 3 pm.