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by Cheryl Tay
Four conservation shophouses within the Kampong Glam district (pictured) will be auctioned this Wednesday, according to a report by The Straits Times.
Shaun Poh, Head of Investment Advisory Services and Auction at DTZ, said the owners are selling the four properties as a single entity because they sit on two titles, making individual sales difficult.
“The owners want to divest these properties to re-invest capital,” he noted, adding that the shophouses are among the few freehold commercial properties within the area.
With an indicative value of about S$15.5 million, the shophouses will be sold with their existing tenancies — an apparel shop, Internet café, wellness centre and photo studio.
“These shophouses are not affected by seller’s stamp duty, additional buyer’s stamp study and loan quantum restrictions in the government cooling measures,” added Poh.
“It is therefore a great alternative income-producing investment.”
The properties are located on a 5,765sq ft site and yield a total floor area of about 9,600 sq ft. Additionally, they are located close to Bugis Junction, Bugis+, Key Point as well as the upcoming Downtown Line and DUO project.
Cheryl Tay, Editor of CommericalGuru, wrote this story. To contact her about this or other stories, email cheryltay@propertyguru.com.sg
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