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Photo credit: JLL
A two-storey conservation shophouse with an attic at 21 Boon Tat Street within the heart of Singapore’s central business district (CBD) has been launched for sale at about $17 million, or $4,388 psf based on its gross floor area, said marketing agent JLL on Monday (20 Aug).
“Freehold conservation shophouse located in the CBD are highly sought-after for their investment value and wealth preservation purpose and seldom made available for sale,” said JLL’s associate director for capital markets Clemence Lee
“Moreover, shophouses with F&B approval on two floors are rare as the authorities are becoming increasingly selective in granting such approvals. 21 Boon Tat Street presents investors a rare opportunity to own a well-located trophy asset with strong tenant covenant, superior 999-year tenure, rare permanent F&B approval and strong rental income.”
With a leasehold tenure commencing from 1 November 1884, the property houses Cheek by Jowl, an Australian restaurant that clinched a Michelin star in 2017 just a year after opening.
Situated in the vibrant Telok Ayer Conservation Area, which features only two Michelin Star eateries, the shophouse stands on a 1,759 sq ft plot and has an overall area of around 3,874 sq ft.
Aside from being near the Telok Ayer and Raffles Place MRT stations, the property boasts excellent specifications, including full length windows, column-free layout, generous ceiling height and an airwell, allowing sunlight to permeate throughout the shophouse.
Previously, a shophouse at within the Telok Ayer Conservation Area at 75 Amoy Street was sold in February 2018 for $18 million ($3,900 psf), while another at 77 Amoy Street changed hands in March for $25 million ($3,500 psf).
As the subject shophouse is zoned for commercial use, foreigners are allowed to buy the property. The transaction is also exempt from the Seller’s Stamp Duty (SSD) and the Additional Buyer’s Stamp Duty (ABSD).
“With its prime location and rare permanent F&B approval for both floors, 21 Boon Tat Street will appeal to F&B operators looking to acquire their own flagship asset and stake a claim in this vibrant F&B and lifestyle destination,” Lee added.
The shophouse is being offered for sale via an Expression of Interest (EOI) exercise, which will close on 20 September.
Eugenia Rosaline Shlaen edited this story. To contact her about this or other stories, email eugenia@propertyguru.com.sg
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