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The freehold properties – which come with individual titles – are currently fully tenanted, with F&B outlets occupying the ground floor and additional dining areas and offices on the upper floors.
An island block of five adjoining conservation shophouses in Kampong Glam is up for sale via public tender with a guide price of $23.8 million, revealed Knight Frank.
Located at 17, 19, 21, 23 and 25 Baghdad Street, the properties sit on land zoned for commercial use under the 2014 Master Plan, featuring a total land area of 4,892 sq ft and a gross floor area of around 8,013 sq ft.
The freehold properties – which come with individual titles – are currently fully tenanted, with F&B outlets occupying the ground floor and additional dining areas and offices on the upper floors.
“It is a rare opportunity to acquire a block of five adjoining shophouses in Kampong Glam as more often than not, transactions in the vicinity are of a smaller scale, such as a single shophouse unit with a land area of about 700 sq ft to 1,500 sq ft at say, Bali Lane or Bussorah Street,” said Mary Sai, executive director of investment and capital markets for Knight Frank Singapore.
“In fact, a shophouse at Bussorah Street with a balance lease of 83 years and land size of 1,741 sq ft was sold for $5 million in July last year. With the guide price for the five shophouses at $23.8 million, the potential for capital appreciation is indeed promising.”
She noted that the combined large floor plate of the adjoining shophouses provides the new owner flexibility in reconfiguring the space to meet needs – whether for investment or owner-occupation.
“As such, the owners are expecting a healthy interest from both investors and corporate entities in acquiring the freehold commercial asset,” added Sai.
And since the shophouses are on commercial-zoned site, foreigners and companies are eligible to purchase them with no Seller’s Stamp Duty and Additional Buyer’s Stamp Duty payable.
With the sale subject to tenancies, the public tender for the shophouses closes on 24 October.
Victor Kang, Digital Content Specialist at PropertyGuru, edited this story. To contact him about this or other stories, email victorkang@propertyguru.com.sg