$23 million may sound like a large sum for property investment, but perhaps not entirely if it is a 999-year leasehold corner shophouse in a heritage conservation area with a total floor area of 5,460 sq ft.
3-storey shophouse in Club Street with attic launched for sale at $23 million
This 3-storey shophouse in Club Street comes with an attic and has a land area of 2,084 sq ft. Launched for sale by tender at an indicative price of $23 million, it first came back into the market for sale at $2.8 million in 2006.
The shophouse is currently owned by Jerrytan Residential and it has undergone a $1.2 million refurbishment.
Situated in a quiet cul-de-sac in the Telok Ayer conservation area, the land it sits on is zoned for commercial use. Currently, the unit’s first floor features a private entertainment area with a wide bar, dining area and showroom. The higher floors are used as private offices and by an art gallery.
Opportune time for the investment of rare properties
While shophouses are always promising investments, the time may be now for this particularly rare unit as there are only a limited number of quality shophouse offerings in the market at the moment. The Club street shophouse was put up for sale but previously withdrawn after a few offers fell short of expectations.
As the site is zoned for commercial use, foreign entities are allowed to purchase it and buyers also do not have to pay Additional Buyer’s Stamp Duty (ABSD) or seller’s stamp duty. The public tender exercise will close on July 31 and analyst consider the site well-suited to boutique financial firms or family offices.
Buyers or investors looking for larger units may be attracted to the sale of 3 adjoining units in Little India which is going for $11 million. The 3 units come with individual land titles and have a combined land area of 3,870 sq ft.
The area is zoned for commercial use in the Urban Redevelopment Authority’s (URA) Master Plan 2014.