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The property can be acquired by both local and foreign buyers with no additional buyers’ stamp duty or sellers’ stamp duty payable. Image source: cbre
Five adjoining prime shophouses within the Kampong Glam conservation area have been put up for sale via an expression of interest (EOI) exercise, with an indicative price of $23.8 million or $2,970 per sq ft, revealed marketing agent CBRE.
Situated at 17, 19, 21, 23 and 25 Baghdad Street, the freehold shophouses occupies a combined land area of about 4,892 sq ft, and enjoy a 60-meter triple-road frontage onto Bussorah Street, Baghdad Street and one side lane.
The shophouses have areas ranging between 1,375 sq ft and 2,416 sq ft, contributing to a total floor area of around 8,013 sq ft. With individual titles all held by a single owner, the shophouses are fully tenanted and come with existing F&B approvals.
Zoned full “commercial”, the property can be acquired by both local and foreign buyers with no additional buyers’ stamp duty or sellers’ stamp duty payable.
“Kampong Glam is within the Ophir-Rochor Corridor that is fast becoming the next hotspot for live-work-play offerings, attracting strong interest from buyers,” said Yap Hui Yee, associate director for capital markets at CBRE.
“Given the subject property’s strategic location and strong property attributes, we are optimistic that the shophouses will garner keen interest from savvy investors with a medium-to-long-term investment horizon who are seeking to benefit from future rental upside and capital appreciation, in addition to enjoying immediate rental income. The five individual land titles also provide the successful buyer the additional option to keep some of the units or sell them independently in the future.”
Yap also expect strong interest from owner-occupiers “looking to locate their business in a boutique building with naming rights”.
The adjoining shophouses offer the successful buyer “extra flexibility in space configuration to suit their own-use requirements or to cater to tenants’ needs”.
“Some possible uses of the space include backpacker hostel, educational/enrichment school, healthcare/fitness center, retail outlets, F&B establishments, creative outfits or showrooms,” added Yap.
The EOI exercise for the shophouses closes on 16 July.
Victor Kang, Digital Content Specialist at PropertyGuru, edited this story. To contact him about this or other stories, email victorkang@propertyguru.com.sg
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