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Three rare adjacent shophouses at 33 Liang Seah Street held under one land title were launched for sale today (24 May) via private treaty for $30 million, according to marketing agent Colliers International.
Located within the Beach Road Conservation Area, the part three- and part five-storey corner shophouses stand on a 2,694 sq ft site with a gross floor area of 11,500 sq ft.
With a gross plot ratio of 4.2, the land parcel is zoned commercial and residential with a 999-year leasehold tenure commencing from 1827. The properties were refurbished in 1997, with their external façade restored to original specification.
Situated in heart of Singapore’s civic and cultural district, the properties are a short distance from Bugis MRT interchange. Bugis Junction mall is also nearby as well as the DUO and South Beach integrated projects.
“We expect to see keen investment interest for 33 Liang Seah Street amid the rising optimism in the property market in Singapore. The rare 999 years’ tenure of these shophouses and their prime location in the city centre will boost its potential for asset value retention and future capital appreciation,” said Steven Tan, Colliers’ director of capital markets and investment services.
Moreover, the retail premises of these shophouses are highly in demand as Liang Seah Street is closed to vehicular traffic during weekends to promote the businesses of the restaurants, bars and shops there.
Currently, the three shophouses are occupied by various tenants, and there is potential to raise rents by repositioning the properties.
“Over the long-term, we are of the view that prices of shophouses – particularly those in central locations – tend to be more resilient and are somewhat more immune to the volatility of the market due to their limited supply and historical value,” Tan added.
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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