Kampong Bahru Road shophouses up for sale for $39.6m
Zoned commercial under the 2014 Master Plan, the property’s site occupies a total land area of 7,068 sq ft with a gross floor area (GFA) of around 17,600 sq ft. With this, the $39.6 million guide price works out to around $2,250 psf based on the GFA.
A row of six adjoining conservation shophouses at Kampong Bahru Road has been put up for sale via expression of interest (EOI) exercise, with a guide price of $39.6 million or around $6.6 million each.
The Business Times reported that the two-storey shophouses, which are situated at 69, 71, 73, 75, 77 and 79 Kampong Bahru Road, can be sold either collectively or individually.
Zoned commercial under the 2014 Master Plan, the property’s site occupies a total land area of 7,068 sq ft with a gross floor area (GFA) of around 17,600 sq ft. With this, the $39.6 million guide price works out to around $2,250 psf based on the GFA.
Given that the freehold shophouses sit on land zoned for commercial use, marketing agents JLL and Tuscany Realty said foreigners are eligible to acquire the property, with no additional buyer’s stamp duty and seller’s stamp duty payable.
The site can be found within the Blair Plain conservation area, which was predominantly a residential district for wealthy Chinese merchant families in the past.
It is near the Outram and Cantonment MRT stations and a 10-minute drive from the central business district. Moreover, the new Kampong Bahru bus terminal is just across the property.
Nearby cafes and restaurants include Stranger’s Reunion, Highlander Coffee Espresso Bar, Nylon Coffee Roasters and MIZ Japanese restaurant.
Notable developments within the area include the Singapore General Hospital (SGH) Campus, which is comprised of the Health Promotion Board, Singapore General Hospital, Ministry of Health, Academia, Duke NUS Medical School, Health Sciences Authority and four specialist centres.
“This is a rare opportunity for an incoming investor or owner-occupier to acquire a row of six adjoining freehold shophouses in a central location, which is undergoing rejuvenation,” said Clemence Lee, JLL senior director of capital markets.
“The new owner will have the flexibility to amalgamate the units and to explore several value-add angles for the property, such as conducting minor refurbishment works, as well as exploring change of use such as converting the ground floor to F&B (food and beverage) use, and the second-floor office to alternative uses such as co-living and serviced apartment, subject to approval from relevant authorities.”
The EOI exercise for the shophouses closes on 12 September.
Source: 15 Aug 2019, CommercialGuru