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The freehold shophouses carry an indicative price of $30.8 million, which works out to around $3,507 per sq ft (psf) based on the total floor area of about 8,783 sq ft. Photo: CBRE
A pair of adjoining three-storey conservation shophouses at 83 & 85 Keong Saik Road has been put up for sale via an Expression of Interest (EOI) exercise, revealed marketing agent CBRE.
To be sold collectively, the freehold shophouses carry an indicative price of $30.8 million, which works out to around $3,507 per sq ft (psf) based on the total floor area of about 8,783 sq ft.
CBRE noted that the shophouses, which come with roof terraces, occupy a 2,762 sq ft site within the Keong Saik enclave and enjoy a prominent road frontage.
Under the 2019 Master Plan, the site is zoned for “Commercial” use within the Chinatown (Kreta Ayer) Conservation Area. This means foreigners can acquire the shophouses with no Additional Buyer’s Stamp Duty (ABSD) or Seller’s Stamp Duty (SSD) payable.
The shophouses are located near Chinatown MRT stations and are accessible via Central Expressway, Ayer Rajah Expressway and Marina Coastal Expressway.
Clemence Lee, CBRE’s Senior Director of Capital Markets for Singapore, said shophouses in the Keong Saik area are rarely put up for sale.
“Subject to approval from the relevant authorities, the successful buyer can explore multiple value-add opportunities to unlock the underlying value of the asset,” he said.
These include adding about 700 sq ft of outdoor deck on Level 2, transforming the upper levels into a hotel or serviced apartment or transforming the roof terrace into a rooftop café.
“Coupled with the property’s strong attributes such as its prime location, freehold tenure, proximity to two MRT stations and rare F&B approvals for the ground floor, the incoming purchaser can expect to enjoy strong capital appreciation in the mid to long term,” said Lee.
The EOI exercise for the shophouses closes on 18 August.
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Victor Kang, Digital Content Specialist at PropertyGuru, edited this story. To contact him about this story, email: victorkang@propertyguru.com.sg
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