Shophouse deals in Hongkong St, Havelock Rd, Tanjong Katong

Singapore

A FEW shophouse transactions have taken place recently.

These include one at Hongkong Street that changed hands at S$14.45 million. The price works out to about S$1,780 per square foot on gross floor area (GFA) of some 8,100 sq ft. Located at 31 Hongkong Street, the shophouse is on a 1,747 sq ft site with a 99-year lease topped up in December 2007.

The price is lower than the S$1,899 psf on GFA fetched for another shophouse on the same street, at No 39, in March.

This can be partly attributed to the land area for No 31 being 20 per cent smaller than No 39. Moreover, the balance lease term of 91 years for No 31 is shorter compared with the remaining land tenure of 97 years for No 39.

For both properties, their respective maximum GFAs allowed based on the 4.2 plot ratio designated for the area have been achieved; that means there is no untapped GFA. The area is zoned for commercial use under the Urban Redevelopment Authority's Master Plan 20…