Bookmark & Share
A part-four, part-six storey commercial shophouse within the Hong Kong Street area has been put up for sale with an indicative guide price of about $18 million, revealed marketing agent JLL.
This works out to a land rate of $2,300 psf based on a gross floor area of about 7,792 sq ft, or a lower $2,035 psf after factoring in the 1,050 sq ft roof terrace area.
Located within the Upper Circular Road Conservation area, 19 Hong Kong Street sits on a 1,858 sq ft site zoned commercial under the 2014 Master Plan.
The commercial building underwent an extensive $7 million revamp. Completed in 2015, the refurbishment saw the initial four-storey property cleaned out and completely redesigned to include a six-storey back extension and a newly refurbished building façade, among others.
The property’s lease tenure “was also topped-up to a fresh 99 years starting from October 2015”.
JLL noted that the shophouse is near the Clark Quay and Raffles Place MRT stations. It is also accessible to other parts of Singapore via major expressways such as the Central Expressway (CTE) and Marina Coastal Expressway (MCE).
“Given the competitive pricing, the property’s fresh 99-year lease tenure, its prime CBD location, proximity to two MRT stations 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 (HNWIs),” said JLL capital markets associate director Clemence Lee.
“This opportunity will also be suitable for owner occupiers who are looking to acquire their own flagship building in the CBD.
“Currently zoned for office use, the property is to be sold with vacant possession allowing flexibility for the new buyers to apply for change of use to alternative uses such as co-working, food and beverage (F&B), serviced apartments, medical suites and entertainment amongst others, subject to approval from relevant authorities,” added Lee.
Since it is located on land zoned for commercial use, foreign buyers are allowed to acquire the property with no Additional Buyer’s Stamp Duty (ABSD) or Seller’s Stamp Duty (SSD) payable.
The expression of interest exercise for the shophouse closes on 8 August.
Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email romesh@propertyguru.com.sg
Related Articles:
3 shophouses in Liang Seah St seeking buyer for $30m