Five shophouses on Tras Street, North Bridge Rd, Balestier Rd up for sale

MORE shophouses in Singapore have come to the market, with five located on Tras Street, North Bridge Road and Balestier Road launched for sale on Monday.

At the same time, three adjoining retail units at Bukit Timah Plaza are also available for purchase.

These shophouses and retail units carry a combined indicative price of S$33.3 million, SRI Capital Market, the exclusive marketing agent for the properties, told The Business Times.

They can be bought individually or together as a portfolio, although SRI did not disclose their individual price tags.

One of the shophouses sits along Tras Street with a land area of 1,994 square feet (sq ft) and a total floor area of about 5,283 sq ft. The 99-year leasehold site is zoned for commercial use under the Urban Redevelopment Authority's Master Plan 2019.

The conservation shophouse, which has three storeys plus an attic, is fully tenanted and a short walk to Tanjong Pagar MRT station.

"Shophouses along Tras Street are coveted and tightly held," said SRI. Nearby, 48 Tras Street was sold for close to S$9.9 million this month, the agent added.

The portfolio also includes a pair of freehold shophouses along North Bridge Road occupying a land area of about 2,445 sq ft and a gross floor area of about 3,876 sq ft.

Situated within the Kampong Glam historic district, the pair has two storeys with a mezzanine level and is zoned for commercial use. Both properties are fully tenanted.

Also in the portfolio are two freehold shophouses on Balestier Road, across the road from Zhongshan Mall and Zhongshan Park. The pair spans a land area of about 3,890 sq ft and an existing gross floor area of about 5,422 sq ft.

The properties on Balestier Road are zoned for residential and commercial use, with a gross plot ratio of 3.0.

They fall within the Balestier Secondary Settlements. Under conservation guidelines, the buyer can build the pair's rear extension up to six storeys, within the maximum gross floor area of about 11,670 sq ft, subject to the authorities' approval, SRI said.

The three retail units at Bukit Timah Plaza are located at a basement level of the mall. Fully tenanted, the trio has a combined strata area of about 1,322 sq ft.

On foot, Bukit Timah Plaza is about five minutes away from Beauty World MRT station.

Low Choon Sin, managing partner of SRI Capital Market, said these properties offer investors a diversification strategy, as they can acquire an assortment of shophouses and retail shops across various districts.

"Since Singapore's Phase Two reopening, there has been a strong acquisition momentum for shophouses within the central business district, with 12 transactions and gross sales volumes of S$149.5 million in Districts 1 and 2," Mr Low added.

Within District 7, there were 12 transactions in the first 10 months of this year, double that of the whole of last year, according to SRI.

The expression of interest exercise for the portfolio of shophouses and retail units closes at 3pm on Jan 5, 2021.

Last month, a ground-floor commercial unit at the mall was also offered for sale via expression of interest with a price tag of S$30 million. SRI was the exclusive marketing agent for that 17,351 sq ft unit.