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A pair of adjoining four-storey conservation shophouses along Amoy Street have been launched for sale carrying a guide price of $50 million ($3,415 psf), revealed marketing agent CBRE.
Zoned for commercial use under the Chinatown (Telok Ayer) Conservation Area in the 2014 Master Plan, 87 and 88 Amoy Street has a combined land area of about 5,375 sq ft and a total gross floor area of about 14,641 sq ft.
The property comes with a passenger lift as well as reinforced concrete staircases, while enjoying 14 metres of frontage with high visibility. An open air public car park can also be found right in front of it.
Strategically situated within the heart of the CBD, the property is located near the Tanjong Pagar and Telok Ayer MRT stations.
CBRE revealed that the entire ground floor of the property is tenanted to a health and fitness group, the second floor to a multinational corporation office tenant, and the third and fourth floors to a shipping firm and a hospitality group, respectively.
“At this price, this property is one of the most compelling options in the current market. In addition, investors will gain from the immediate rental income from the property which currently enjoys full occupancy. Given the strong proposition of this property, we expect buyers who have been waiting at the sidelines to now come forward and evaluate this opportunity seriously,” said CBRE capital markets director Sammi Lim.
She noted that recent shophouses within the vicinity such as 52, 75 and 77 Amoy Street were transacted for between $3,500 psf to $3,944 psf, while 21 Boon Tat Street was recently put up for sale for $4,388 psf.
Since it is a commercial property, foreigners and locals can acquire the property with no Additional Buyer’s Stamp Duty (ABSD) or Seller’s Stamp Duty (SSD) payable.
The tender for 87 and 88 Amoy Street closes on 11 October.
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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