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A pair of three-storey freehold shophouses within the heart of Singapore’s Chinatown district have been re-launched for sale via an expression of interest, with a guide price of $22 million or about $2,820 psf, revealed marketing agent JLL.
This comes after offers for the property, which comes with mezzanine levels, fell short of the owner’s expectations during its launch in September 2016, said JLL capital markets associate director Clemence Lee.
With a total gross floor area of around 7,800 sq ft, the beautifully-restored shophouses sit on a combined land area of around 2,688 sq ft. The site is zoned “commercial” under the 2014 Master Plan.
Currently, the property is occupied with a restaurant cum bar and bathware showroom on the ground floor, while the upper floors feature office tenants.
Situated within the Central Business District (CBD), the property is around 450 metres from Telok Ayer MRT station and 200 metres from Chinatown MRT station. It is accessible via the Ayer Rajah Expressway (AYE), the Central Expressway (CTE) and Marina Coastal Expressway (MCE) as well as via public transport along New Bridge Road and Cross Street.
“Given the reduction in price, the property’s freehold tenure, its prime CBD location and proximity to two MRT stations, we expect strong interest from investors such as boutique real estate funds, family offices and high-net-worth individuals (HNWIs). Owner-occupiers who are looking to own their own boutique building will also find this an interesting proposition,” said Lee.
Since it is a commercial property, foreigners are eligible to acquire the shophouses, with no Additional Buyer’s Stamp Duty (ABSD) or Seller’s Stamp Duty (SSD) payable.
The EOI exercise for the property will close on 2 November.
(Photo: JLL)
This article was edited by Keshia Faculin.
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