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Located along Liang Seah Street, the subject property comprises a part-three/part-five-storey block. (Photo: Colliers International Group Inc.)
A row of three adjoining conservation shophouse units located opposite Bugis Junction have been put up for sale via an expression of interest, with an indicative price of S$30 million, said marketing agent Colliers International.
This works out to S$2,600 per sq ft based on the property’s total gross floor area of around 1,071 sq m.
With a lease tenure of 999 years starting from 1827, 33 Liang Seah Street – which is being sold collectively – has a combined land area of around 250 sq m. The site is zoned for “commercial and residential” use under the 2014 Master Plan, making foreigners eligible to acquire the property.
However, the property’s residential portion is subject to additional buyer’s stamp duty (ABSD).
Strategically situated within the heart of the historic Beach Road Conservation Area, 33 Liang Seah Street is a mere two-minute walk to the Bugis MRT interchange station. It is also accessible via public transport along North Bridge Road as well as to other parts of Singapore via Marina Coastal Expressway (MCE), East Coast Parkway (ECP) and Nicoll highway.
Rebuilt in 1997 with only the original façade retained, the property has a potential for upward reversionary rent as it is being offered for sale with existing tenancies, said Colliers.
“33 Liang Seah Street presents purchasers a rare chance to acquire a row of three adjoining shophouses that are fully restored, and at a realistic asking price in the Central Business District. Due to its rarity, adjoining shophouses with 999 years leasehold are highly sought after by investors,” said Colliers International capital markets and investment services director Chia Mein Mein.
“The Bugis area has undergone a transformation to become a vibrant commercial and lifestyle hub in recent years. The bustle will continue and spread when new developments are added to the Bugis micro-market,” she noted.
“These changes will bode well for the retailers and businesses operating within the vicinity, and the new owner can expect to enjoy capital and rental upside in the mid to long term.”
The EOI exercise for the property will close on 19 July 2017.
This article was edited by Denise Djong.
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