Two three-storey shophouses have been put up for sale according to reports released by Cushman and Wakefield.
These two shop houses are located at 44 and 46 Club Street and are tagged as conservation commercial spaces.
Both of them will be sold with their existing tenancy and it is estimated that the selling price will reach 25 million dollars.
The shophouses have a lease agreement of 999 years and occupy a total combined area of 221.8 sq. m or 2,387 sq. ft.
The combined floor area has been measured to be 6,208 square feet. Both the shophouses are located at Chinatown-Telok Ayer area which is a historic district at Central Business District.
It was marked as a commercial land under 2014’s Master Plan made by Urban Redevelopment Authority.
Any interested buyer will have go through the exercise of showing the expression of interest which is opened till 3 PM of 19th March, 2019.
Foreigners interested in purchase of these properties can also come forward without having to procure additional buyer stamp duty that is necessary for buyers.
The Executive Director of Cushman and Wakefiel’s Capital Markets Shaun Poh said that these properties should be seen as excellent investment opportunity especially in the wake of recent developments in the neighbourhood.
He said that since over 1000 hotel rooms are under construction in the vicinity which is expected to increase tourist footfall, these shop houses will turn out to be real investment.
He further added that hotels like Capri by Fraser and The Clan coming up in the vicinity there is lots of development happening.
Poh also mentioned that the recent sale of government land at Club Street Hotel Site should also encourage any prospective buyers about capital growth in the area.
Poh added that such commercial shophouses attract investors especially those who have boutique funds or are rich individuals or have family offices and are looking to increase their investments.
The marketing agent added that there is likely that more interest in these properties will come from those who want to own properties having naming rights and this is possible in this Central Business District location.