Six freehold conservation shophouses have hit the market at S$39.6 million guide price.
The adjoining shophouses located on the Kampong Bahru Road are being marketed by Tuscany Realty and JLL.
The asking price for each of these shophouses is about S$6.6 million. The shophouses 69, 71, 73, 75, 77 and 79 are located in close vicinity of the Outram MRT Station.
The two-storey freehold properties can either be bought collectively or individually by the new owner.
As per the 2014 Master Plan of the Urban Redevelopment Authority, the property sits on a site that has been zoned commercial and this makes foreign nationals eligible to ownership.
Seller’s Stamp Duty (SSD) and Additional Buyer’s Stamp Duty (ABSD) aren’t applicable on this transaction informed the marketing agents.
The combined land area of the six shophouses is 7,068 sq ft and at present there is 17,600 sq ft gross floor area.
Going by the guide price of S$39.6 million the rate translates to S$2,250 psf based upon the gross floor area.
The commercial site is part of the Blair Plain conservation area and had been gazetted for conservation back in 1991.
It used to be a residential district where influential merchant families of Chinese origin lived in the past.
The site located along the city-fringe is merely 10-minute drive from Singapore’s Central Business District.
It would be short walk from the Cantonment MRT Station which will come up in the future.
The area is well connected by public transportation with the Kampong Bahru bus terminal being few metres from the site.
There are several cafes and restaurants in the vicinity including Stranger’s Reunion, Nylon Coffee Roasters, Highlander Coffee Espresso Bar and MIZ Japanese Restaurant.
There are several developments coming up in the area and these include Duke NUS Medical School and the Singapore General Hospital, Health Sciences Authority, Ministry of Health and Health Promotion Board all of which would be part of the Singapore General Hospital Campus.
The Greater Southern Waterfront is only 500 meters from this location.
The 2014 Master Plan had outlined relocation of terminals and ports around the southern coastline.
This plan is set to free up nearly 1,000 hectares of land close to this site. As per the plans several residential towers, public places, offices, hotels and malls are likely to come up in around this area.
According to JLL’s Senior Director of Capital Markets, Clemence Lee these shophouses present a lucrative opportunity for the investors as well as owner-occupiers to acquire to buy property in a centrally located place which has been seeing rejuvenation in the recent times.
He added that that the new owners would also have the option of explore value addition on this property by merging all the six units.
This will allow them to explore the option of converting street level into F&B units while using the second floor for office use or converting them into serviced apartment or co-living apartment.
Approval from relevant authorities would be required for such use.
The closing date for the EOI exercise is September 12 at 3:00 PM