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Two prime commercial shophouses in Chinatown have been put up for sale by expression of interest (EOI) Monday, exclusive marketing agent Savills said Monday, (2 March).
Located within the Chinatown Historic District of Kreta Ayer and Telok Ayer, the shophouses at 18 Sago Street and 201 South Bridge Road are zoned commercial and for conservation under the current Master Plan. The properties also come with no restrictions on foreign ownership.
“The vendor has obtained approval for change of use of the shophouse [18 Sago Street] into a backpacker’s hostel with cafe on the ground floor,” said Philip Ng, Associate Director of Investment Sales at Savills, adding that this is a rare opportunity considering guidelines for such conversions have been very stringent.
Meanwhile, the property at 201 South Bridge Road is a two-storey shophouse with attic.
According to Savills, the vendors are looking to sell the shophouse on 18 Sago Street for $10 million and the property on 201 South Bridge Road for S$8 million.
The EOI exercise will close on Tuesday, 31 March.
Image: Shophouses at 18 Sago Street (left) and 201 South Bridge Road (right). (Source: Savills)
Nikki De Guzman, Editor at CommercialGuru, wrote this story. To contact her about this or other stories email nikki@propertyguru.com.sg.
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