Bookmark & Share
The four-storey shophouses have a total land area of 6,125 sq ft and a net lettable area of about 16,049 sq ft, and are up for sale via expression of interest (EOI) with an indicative price to around $2,733 per sq ft (psf). Image: Colliers International
A row of four adjoining conserved shophouses at 265, 267, 269 and 271 Outram Road are up for sale via expression of interest (EOI) with an indicative price of at least $50 million, revealed marketing agent Colliers International.
This works out to around $2,733 per sq ft (psf) based on an existing gross floor area of around 18,295 sq ft.
Located in Tiong Bahru Secondary Settlement conservation area, the four-storey shophouses have a total land area of 6,125 sq ft and a net lettable area of about 16,049 sq ft.
The freehold property underwent addition and alterations works last year.
Zoned for residential with commercial at first storey, the adjoining shophouses offer a total of four commercial units on the first storey and 17 residential units across the second to fourth storey.
Suggested read: How To Understand The URA Master Plan And Make Your Property An Investment
The residential units are currently leased to a master tenant. The commercial units, on the other hand, are leased to FoodPanda as well as an up-and-coming bistro bar.
The property is fully occupied and is being sold with existing tenancies, making it ideal for investors “looking for a ready income-generating asset with potential upside for future growth”, said Steven Tan, Senior Director of Investment Services at Colliers International.
One bus stop away from Outram Park MRT Interchange Station, the property is about five minutes’ walk to the upcoming Havelock MRT Station. It is also near popular eateries like Tiong Bahru Bakery and Tiong Bahru Food Centre.
“There are only about 6,760 conserved shophouses in Singapore. As such, conserved shophouses tend to offer stable income and capital appreciation to investors, given their vintage charm and limited supply in Singapore,” noted Tan.
Based on caveats lodged on URA REALIS, transaction activity for shophouses were relatively stable before and post-circuit breaker period, indicating steadfast interest despite the economic uncertainty.
In fact, the most recent shophouse transactions in Districts 1 and 2 were sealed at between $3,300 and $3,800 psf.
And compared with freehold or 999-year leasehold commercial shophouses in Districts 1 and 2, the row of shophouses at Outram Road comes with a more attractive price since they are located within the city fringe area.
The EOI exercise for the shophouses closes on 19 November.
Looking for a property in Singapore? Visit PropertyGuru’s Listings, Project Reviews and Guides.
Related Articles:
Three adjoining shophouses on Baghdad Street on sale for $7.64mil
Three-storey shophouse at East Coast Road on sale for $9.5mil