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Being sold as a ‘blank canvas’, the shophouses currently feature a regular and column-free layout, with a ceiling height of more than four meters on the ground floor. Image: CBRE
A pair of three-storey conservation shophouses at 13 and 15 Teo Hong Road, facing Outram Park MRT Interchange Exit H has been put up for sale via expression of interest (EOI), with a guide price of $33 million, revealed marketing agent CBRE.
This works out to around $2,980 per sq ft (psf) based on the estimated floor area of 11,070 sq ft following addition and alteration (A&A) works.
Located within the Chinatown Historical District (Bukit Pasoh) Conservation Area, the freehold shophouses enjoy a prominent frontage of about 11.6 meters along Teo Hong Road. They occupy a 3,476 sq ft site that is zoned for commercial use under the 2019 Master Plan.
CBRE noted that in-principle approval to conduct A&A works has been obtained from the authorities. The works include the construction of an open terrace on the second floor as well as an attic above the third level.
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The shophouse currently features a regular and column-free layout, with a ceiling height of more than four meters on the ground floor.
“To be sold with vacant possession, 13 & 15 Teo Hong Road is akin to a blank canvas, allowing the successful buyer to immediately conduct A&A works to curate an iconic flagship building which is tailored to their needs,” said Clemence Lee, Senior Director of Capital Markets at CBRE Singapore.
“Coupled with the flexibility of having multiple potential uses such as F&B, retail, office, serviced apartments or hotel, we are optimistic that the subject property will appeal to a wide pool of buyers such as boutique real estate funds, family offices, high net worth individuals and corporates who are seeking to capitalize on the vibrant yet understated F&B and lifestyle scene in the Bukit Pasoh / Keong Saik area.”
Aside from being close to the Outram Park MRT station, the shophouses are accessible by expressways and major arterial roads including Cantonment Road, New Bridge Road, Marina Coastal Expressway and Central Expressway.
The EOI exercise for the shophouses closes on 9 February.
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