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A two-storey shophouse located in the Telok Ayer Conservation Area that was advertised for sale in August has just been sold for $16.5 million ($4,259 psf), reported the Business Times.
Although it is shy of the owner’s asking price of around $17 million or $4,388 psf, real estate agents revealed that the psf selling price sets a new record for a shophouse in District 1.
The buyer of the shophouse is said to be James Heng, CEO and founder of Duck & Hippo group, a local amphibious vehicle tour operator that was recently acquired by London-based Big Bus Tours.
With a 999-year leasehold tenure since 1884, the property houses Cheek by Jowl, an Australian restaurant that secured a Michelin star in 2017 just a year after opening.
With rare permanent F&B approvals for both levels, the shophouse has a gross floor area of around 3,874 sq ft and land area of 1,759 sq ft.
Aside from being close to two MRT stations, Telok Ayer and Raffles Place, the property boasts excellent specifications, such as column-free layout, full-length windows, generous ceiling height, and an airwell that lets sunlight permeate throughout the shophouse.
Marketing agent JLL had launched the property for sale via expression of interest (EOI) in August and the exercise closed on 20 September.
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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