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A row of five contiguous prime shophouses located within the Kampong Glam conservation area / Ophir-Rochor Corridor have been put up for sale via an expression of interest (EOI), according to marketing agent CBRE.
With a total land area of about 4,892 sq ft, the five conservation shophouses at 17, 19, 21, 23 and 25 Baghdad Street (pictured) have a total floor area of around 7,137 sq ft.
The property can be purchased by both local and foreign buyers as it sits on a site zoned full commercial under the 2014 Master Plan. No Seller’s Stamp Duty (SSD) or Additional Buyer’s Stamp Duty (ABSD) is imposed on the purchase of the property.
“Shophouses in the Kampong Glam Historic District have always been tightly held and the opportunities for purchase are extremely rare,” said Sammi Lim, Director of Investment Properties at CBRE.
“The property enjoys the added bonus of five connecting standalone shophouses with excellent road frontage and with F&B approvals already in place. The adjoining shophouses also provide the buyer with extra flexibility and creativity to configure the space to suit their own-use requirements or cater to the action point for buyers.”
She noted that the property will benefit from the continued rejuvenation of the Ophir-Rochor Corridor, particularly with the completion of DUO – a landmark integrated development comprising Grade A offices, high-end residences, a five-star hotel and retail gallery.
As such, she expects savvy investors with a medium- to long-term investment strategy to tap into the property’s strong potential for future rental and capital value growth.
“We also expect the sale to garner interest from owner-occupiers looking to purchase their own boutique building. Other possibilities of use include; retail outlets, F&B establishments, creative outfits, showrooms, education and healthcare centre.”
Lim revealed that the property is currently fully tenanted, enabling buyers to enjoy the security of an immediate rental income.
The EOI exercise for the property will close on 21 March.
Image source: CBRE
Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email romesh@propertyguru.com.sg
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