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Pair of adjoining shophouses along Bukit Pasoh Rd up for sale with S$35m guide price
AT least three shophouses along Bukit Pasoh Road have been put up for sale in the past week, as the stream of shophouses going on the market shows no sign of slowing.
The latest are a pair of adjoining shophouses, 44 and 46 Bukit Pasoh Road, located near Outram Park MRT, which have been put up for sale with a guide price of S$35 million, property consultancy Knight Frank Singapore said in a press statement on Monday.
The pair of freehold shophouses have a built-up area of around 10,078 square feet (sq ft) and combined land area of around 4,745 sq ft. The guide price works out to S$3,473 per square foot based on the built-up area.
The two-storey shophouses with attic are zoned commercial/conservation under the Urban Redevelopment Authority's Master Plan 2019. Knight Frank said the property is open to both local and foreign purchasers, and there is no additional buyer's stamp duty imposed.
According to Knight Frank, the ground and second floors of the shophouses are leased to two restaurants, while the top floor is available for lease. It added that the property can potentially be converted into a hotel, subject to authorities' approval.
"We have seen demand grow for shophouses in prime Districts 1 and 2 since Singapore exited the 'circuit breaker' in June 2020, even as many seek safe-haven assets in a stable environment," said Ian Loh, head of capital markets for land and building, collective and strata sales at Knight Frank Singapore.
"Over the last few months, we have received a steady stream of enquiries from high-net-worth families, investors and end-users, which has translated to the completion of several shophouse transactions," he added.
The expression of interest exercise for 44 and 46 Bukit Pasoh Road closes on Dec 21 at 3pm.
The pair are the latest in a growing number of shophouses put up for sale in recent months, following a lull in the market from pandemic-related restrictions. Last week, a shophouse at 6 Bukit Pasoh Road was put up for sale with a guide price of S$10.5 million, according to its sole marketing agent PropNex Realty.
Three shophouses along New Bridge Road have also been put up for sale this month, including one housing Song Fa Bak Kut Teh's flagship outlet that was put up for sale on Monday.