The property could be converted into a hotel, subject to the approval of relevant authorities, says Knight Frank. Currently, the ground floor and second floors are tenanted to two restaurants, while the top-floor is available for lease.

A pair of freehold two-storey shophouses at 44 and 46 Bukit Pasoh Road have been put up for sale via expression of interest (EOI), with the owners expecting offers in excess of $35 million.

Marketing agent Knight Frank noted that the guide price works out to $3,473 per sq ft based on the properties’ total built-up area of about 936.46 sq m (10,078 sq ft).

The adjoining shophouses occupy a combined land area of about 440.8 sq m (4,745 sq ft). The site, which is within the Chinatown (Bukit Pasoh) conservation area, is zoned for “commercial / conservation” use under the 2019 Master Plan.

Situated next to Outram Park MRT station, the shophouses are nestled among a street of preserved conservation shophouses, right across from Ee Hoe Hean Club, which is Singapore’s oldest Millionaire Clubs, and the recently established private members’ club, Straits Clan. 

The property enjoys prominent frontage alongside popular food and beverage establishments such as Zen, Clan Café, Restaurant Kin, Humpback and Live Twice.

Currently, the ground floor and second floors are tenanted to two restaurants, while the top-floor is available for lease. 

Knight Frank said the property could be converted into a hotel, subject to the approval of relevant authorities. 

“Commercial conservation shophouses, particularly in prime central locations, hold great appeal to investors due to their rarity, as they are often tightly held. As no Additional Buyer’s Stamp Duty is imposed on commercial shophouses, they are open to both local and foreign purchasers,” said Ian Loh, Head of Capital Markets for Land and Building, Collective and Strata Sales, Knight Frank Singapore.

“We have seen demand grow for shophouses in prime Districts 1 and 2 since Singapore exited the circuit breaker in June 2020, even as many seek safe haven assets in a stable environment. Over the last few months, we’ve received a steady stream of enquiries from high net worth families, investors and end-users, which has translated to the completion of several shophouse transactions.”

The EOI exercise for the shophouses at 44 and 46 Bukit Pasoh Road closes on 21 December.

Source: CommercialGuru, 24 Nov 2020