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The guide price translates to a land rate of $1,290 per sq ft based on the property’s total floor area of around 7,600 sq ft. Image: Google Maps
A five-storey commercial shophouse near Clarke Quay MRT station has been put up for sale via expression of interest (EOI) carrying a guide price of $9.8 million, reported The Business Times citing marketing agent PropNex Realty.
Excluding the premium payable for lease renewal, the guide price translates to a land rate of $1,290 per sq ft based on the property’s total floor area of around 7,600 sq ft.
The shophouse on 32 Hongkong Street occupies an envelope control site measuring around 1,717 sq ft, with a leasehold tenure of 99 years that started from 1 January 1942.
Envelope control sites refer to vacant lands and buildings situated within Singapore’s Conservation Areas, but have not been designated for conservation. As such, they can be redeveloped subject to authorities’ guidelines.
A nine-minute walk to Central Mall as well as Raffles Place MRT interchange station, 32 Hongkong Street has been installed with a lift and is being sold with vacant possession.
The site is zoned “Commercial” under the 2019 URA Master Plan, with a plot ratio of 4.2 and an allowable building height of up to six storeys. This means both foreigners and Singaporeans can acquire the property, with no Additional Buyer’s Stamp Duty and Seller’s Stamp Duty payable.
Adnic Lee, Senior Associate Marketing Director at PropNex Realty, called the property a rare find given the scarcity of shophouses in the central business district, especially those in envelope control sites.
The shophouse may suit family offices in search of a prime location to build and design their own premises, or investors which can redevelop and enhance the property’s value, he said.
“It is also a good building for an owner-occupier with plans to rebuild the property at a later timing,” he added, noting that the property may be rented for various trade uses like retail, office, restaurant or gym, subject to authorities’ approval.
“Such a wide array of commercial usage possibilities opens (the property) up to a wider pool of potential tenants looking to operate within the bustling Clarke Quay/Boat Quay area,” he noted.
The EOI exercise for 32 Hongkong Street closes on 30 April.
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Victor Kang, Digital Content Specialist at PropertyGuru, edited this story. To contact him about this or other stories, email victorkang@propertyguru.com.sg