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A row of three contiguous, two-storey conservation shophouses (pictured) along Beach Road has been put up for sale by public tender for a guide price of S$10.3 million, marketing agent CBRE announced Wednesday (27 July).
The shophouses on 361, 363 and 365 Beach Road, zoned for full Business use under the 2014 Master Plan, have a total land area of approximately 2,713 sq ft. The current total floor area measures approximately 4,555 sq ft and according to CBRE, a mezzanine floor can be added.
Located within the Kampong Glam Conservation Area, the properties enjoy high visibility with prominent street frontage and come with immediate access to public transport.
CBRE said the shophouses in the area, especially those fronting main Beach Road “have always been highly sought-after.
“We have observed an increased level of demand from buyers seeking to purchase shophouses located on the CBD fringe. With the new wave of developments and transformations to the Beach Road and Bugis area, this has peaked buyers’ interest that this area would be the next hotspot,” said CBRE Director for Investment Properties, Sammi Lim. “
“There is a strong potential for future rental and capital value growth. Property ownership is akin to buying into the medium to long term growth of the location. Property owners are expected to enjoy stronger capital upside moving forward in conjunction with the Ophir-Rochor Corridor transformation.”
The property consultancy said it expects the sale to garner interest from owner-occupiers looking to purchase their own boutique building, among others.
“The shophouses are currently fully tenanted, and the buyer can enjoy the security of immediate rental income. These shophouses also come with the potential for enhancement and intensification with the addition of a mezzanine floor,” Lim added.
It is noted that given the full-commercial zoning of the property, this purchase is open to both local and foreign buyers, and with no additional buyers’ stamp duty (ABSD) or sellers’ stamp duty (SSD).
The tender for the property will close on 8 September.
Image source: CBRE
Nikki De Guzman, Editor at CommercialGuru, edited this story. To contact her about this or other stories email nikki@propertyguru.com.sg
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