Bookmark & Share
A row of five freehold shophouses at Kampong Glam – 122 to 130 Arab Street – have been put up for sale by expression of interest (EOI), carrying a guide price of between $28 million and $30 million, or around $3,471 to $3,719 psf on the total area, revealed marketing agent JLL.
Currently occupied by two nightclub tenants, the properties sit on a combined land area of around 4,462 sq ft and features a total area of about 8,066 sq ft. Based on the 2014 Master Plan, the site is zoned for commercial use under the Kampong Glam Conservation Area.
JLL noted that the shophouses may either be sold collectively or in clusters, with cluster one comprising Nos. 122, 124 and 126, while cluster two includes Nos. 128 and 130.
Located near the Bugis and Jalan Besar MRT stations, the properties are readily accessible via public transport along Arab Street and Victoria Street and are well-connected to major expressways including the East Coast Parkway, Central Expressway and Nicoll Highway.
“Given the excellent main road frontage, the property’s freehold tenure, its rare KTV and F&B license, proximity to the Bugis MRT Interchange and the potential capital appreciation from the rejuvenation of the area, we expect strong interest from investors such as boutique real estate funds, family offices and high-net-worth individuals,” said JLL associate director Clemence Lee.
“Owner occupiers who are looking to own their own boutique building will also find this an interesting proposition.”
Foreigners may also acquire the property since it is located on land zoned for commercial use. No Additional Buyer’s Stamp Duty or Seller’s Stamp Duty is payable for the properties, said JLL.
The EOI exercise for the shophouses will close on 5 April.
Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email romesh@propertyguru.com.sg
Related Articles:
Three-storey shophouses in Chinatown re-launched for sale