An Expression of Interest has been launched for three shophouses along the Aliwal Street that have been restored.
The shophouses that are part of Kampong Glam precinct have been launched at $29.5 million guide price.
Jamilla Boutique Inn, the boutique hotel operator currently holds tenancy for all the three properties.
The adjoining shophouses 8, 10 and 12 Aliwal Street cover a land area of 4,046 sq ft and currently have 2 storeys each along with mezzanine floor together adding up to 9,898 sq ft floor area.
These properties are being sold by Columbia Real Estate, a private-equity real estate group.
As per the Master Plan of 2014 these properties are zoned commercial and hence seller’s stamp duty and additional buyer’s stamp duty aren’t applicable on these properties.
This also makes foreign nationals eligible to buy these properties.
The shophouses are located advantageously with City Gate one of the most popular integrated developments that has been developed jointly by World Class Land and Fragrance Group being in close proximity.
The development has 188 retail units apart from 311 residential apartments.
There are other developments coming up that would add to the vibrancy of the location.
These include Beach Road’s GLS site that is being developed by Guoco Group.
The shophouses are 350 meters and 700 meters from the Nicoll Highway MRT and Bugis MRT Stations respectively.
The North-South transport corridor also adds to the advantage of this location.
In related developments three shophouses in Tras Street changed hands for $21.2 million.
The price paid for 33, 35 and 37 Tras Street properties with 99 years of lease tenure and 4,450 sq ft land area is 3.5% of the gross yields for the property calculated on the present tenancies.
At present the properties are released to Hassell Design and Z Wedding. With 8,160 sq ft built-up area the price is around $2,600 psf.
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