3 abutting shophouses near Bugis Junction at 33 Liang Seah street have put up for sale through private treaty with the asking price set at S$30 million while 6 conservation shophouses on Desker road are put up on auction.
The marketing agents for the Liang Seah property, Colliers International, said in a press statement that the 3 shophouses are under a single title for the land and sits on 2,694 sq ft in the conservation area of the Beach Road.
The GFA of the property is estimated to be 11,500 sq ft and site enjoys residential as well as commercial zoning with GPR at 4.2 according the 2014 Master Plan.
The land is on a 999 years lease that started in 1827.
Colliers International also stated that the buildings on the property were extensively redeveloped in 1997 with the shops rebuilt and external facade reinstated to the original specification.
The property sitting opposite the Bugis Junction mall is at a walkable distance from the Bugis MRT station.
Steven Tan, director of investments and Capital markets at Colliers International, stated that among real estate investors, shophouses always remained a sought-after investment class due to prime locations, scarcity and heritage charm.
He added that keen investment interest was anticipated for 33 Liang Seah Street, aided by enhanced optimism in Singapore’s property markets.
Mr. Tan added further that the 999-year lease for the shophouses and their prime location will enhance its potential for retention of asset value and capital appreciation in the future.
He also stated that the property is presently multi-let and that there was potential for upward revision in rents by repositioning.
In a separate development, on Thursday, PropNex Realty also announced that in Little India 6 freehold conservation shophouses were also being auctioned.
Owner of the corner unit and the 5 abutting units on Desker Road were bought by the current owner for S$10 million in 2010.
Jalan Besar and Farrer Park MRT stations are within short walking distance from these shophouses while Mustafa Centre and City Square Mall are within close vicinity.
The second floor of the shophouses is occupied by the 25-room hotel, Marrison @ Desker.
The first level also has retail units and F&B courts. Together, the land area occupied by the 6 shophouses is 619.1 sq meters while the composite built up area is approximately 1,140 square meters.
The auction is slated to be held on 31st May.