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Three contiguous units of two-storey conservation shophouses at Amoy Street have been put up for sale by tender on Tuesday (20 September), marketing agent Cushman & Wakefield said.
Located at Nos. 44, 45 and 46 Amoy Steet, the two-storey refurbished conservation shophouses with attic comes with a total land area of approximately 2,646 sq ft and an estimated total floor area of 4,844 sq ft. According to Cushman & Wakefield, these shophouses are currently under one land title but may be subdivided into three separate titles, subject to relevant authorities’ approval.
Meanwhile, another two-storey conservation shophouse with attic located in on the same row, No. 49 Amoy Street, has also been put up for sale. The property comes with a separate land title and a plot size of approximately 999 sq ft. Its floor area measures about 1,905 sq ft.
All four shophouses, zoned for Commercial and are located within the Chinatown-Telok Ayer Conservation and Historic District, come with a 999-year leasehold tenure. The properties are sold with existing tenancies and buyers have the option to submit tender bids for either one or both clusters of shophouses, Cushman & Wakefield said.
The indicative asking price of No. 44, 45 and 46 Amoy Street is $16 million while No. 49 Amoy Street has a guide price of $6.38 million. These prices translate to about $3,300psf and close to $3,350psf on floor area, respectively.
“The asking prices are in line with recent transactions in the locality,” said Cushman & Wakefield Executive Director of Capital Markets, Shaun Poh.
“For instance, a 999-year leasehold shophouse at Boat Quay was just sold for $7.333 million or $3,139 psf on floor area. Another freehold shophouse at Erskine Road near the Maxwell Food Centre was recently transacted at $4.25 million or $3,210 psf on floor area. In addition, a 999-year leasehold shophouse at Ann Siang Road was acquired for $10.8 million in May this year, the price translates to about $3,703 psf on floor area.”
“Shophouses within Central Business District are always highly sought after by investors due to their prime location and rarity. Furthermore, continued strong inflow of liquidity from high net worth foreign investors and opportunistic funds seeking quality commercial assets, also make such shophouses, a key investment target. Given its commercial nature, both local and foreigners are eligible to buy with no additional stamp duty or seller’s stamp duty imposed on the purchase.”
The tender for the shophouses will close on 27 October.
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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