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3 Liang Seah Street shophouses for sale at S$30m; 6 Little India conservation shophouses for auction
THREE adjoining shophouses at 33 Liang Seah Street have been put up for sale via private treaty at S$30 million, marketer Colliers International said in a press statement on Thursday.
The three units, held under a single land title, sit on a 2,694 square feet (sq ft) site within the Beach Road Conservation Area, and have an estimated total gross floor area of 11,500 sq ft. The site is zoned "Commercial and Residential" with a gross plot ratio of 4.2 under the Master Plan 2014.
The land also has a 999 years' lease tenure beginning from 1827.
According to Colliers International, the buildings underwent extensive redevelopment works in 1997 when the shophouses were rebuilt, and the external facade reinstated to its original specification.
Located opposite Bugis Junction mall, the property is within walking distance from Bugis MRT station.
Said director of Capital Markets & Investment Services at Colliers International, Steven Tan: "Shophouses have always been a sought-after class of real estate among investors owing to their prime locations, heritage charm and scarcity. We expect to see keen investment interest for 33 Liang Seah Street amid the rising optimism in the property market in Singapore."
Added Mr Tan: "The rare 999 years' tenure of these shophouses and their prime location in the city centre will boost its potential for asset value retention and future capital appreciation."
Colliers International said: "The property is currently multi-let with potential upward reversionary rents through repositioning."
Separately, PropNex announced the auction of a batch of six freehold conservation shophouses in Little India. The corner unit and five adjoining units at Desker Road were bought by their current owner in 2010 for S$10 million.
A 25-room hotel - Marrison@Desker - operates on the second floor of the shophouses. There are also F&B (food and beverage) and retail units on the first level.
The six shophouses occupy a total land area of 619.1 square metres (sq m), and a total build area of approximately 1,140 sq m.
Their auction will be held on May 31.