Shophouses at Bugis, Maxwell put on the market

SHOPHOUSES near Bugis, including one located at 5 Tan Quee Lan Street and a pair at 56 Haji Lane-87 Arab Street, have been put up for sale by tender, said exclusive marketing agent PropNex Realty on Monday.

Meanwhile, another central business district conservation shophouse, located at 55 Neil Road across from the upcoming Maxwell MRT station, has also been put up for sale via an expression of interest (EOI) by Knight Frank.

5 Tan Quee Lan Street and 56 Haji Lane-87 Arab Street are located minutes away from Bugis MRT interchange. Esplanade and Promenade MRT stations are also within walking distance of 5 Tan Quee Lan Street.

The 999-year tenure shophouse at 5 Tan Quee Lan Street spans a land size of 1,102 square feet (sq ft) and has a gross plot ratio of 4.2. In a press statement, PropNex said there is potential for buyers to increase the floor area up to approximately 4,629 sq ft.

PropNex senior associate division director Loyalle Chin believes the shophouse at 5 Tan Quee Lan Street is "highly attractive in terms of value investment", as it is "priced on par with the 99-year penthouse on the same street".

All three storeys of the Tan Quee Lan Street shophouse are approved for change of use to Restaurant by the Urban Redevelopment Authority. The property is suitable for investment or own usage, and will be sold with its existing tenant, makgeolli bar and restaurant Joo Bar.

Previously, a neighbouring shophouse at 6 Tan Quee Lan Street was transacted by PropNex at S$12 million.

Meanwhile, the pair of freehold shophouses at 56 Haji Lane-87 Arab Street is zoned for commercial use and has a land size of 1,078 sq ft and total floor area of approximately 2,200 sq ft.

With a price of S$3,750 psf, the pair of shophouses starts at S$8.25 million upwards, based on its approximate built-up area.

The property is suitable for investment or own usage and has multiple potential uses, including F&B takeaway, serviced apartments, backpacker's hostel, commercial school and more. It is currently tenanted and located near popular F&B establishments.

Mr Chin said that shophouses are the "perfect complement to luxury homes", with the residential market in Singapore picking up.

"This is because both foreigners and locals are entitled to own these rare landed asset(s) in prime Bugis district, one of the most coveted commercial real estate in Singapore," he noted.

The sale by tender for the shophouses at 5 Tan Quee Lan Street and 56 Haji Lane-87 Arab Street will close on June 1 at 3pm.

The 99-year leasehold shophouse along Neil Road has a land area of approximately 1,401 sq ft and a built-up area of 2,530 sq ft. Knight Frank expects offers to be around S$6.07 million to S$6.33 million, which translate to about S$2,400 or S$2,500 per sq ft.

The site is zoned commercial, so buyers will not have to pay the Additional Buyer's Stamp Duty and Seller's Stamp Duty for this transaction.

By end-2021, the property will be further rejuvenated by the completion of Maxwell MRT station and the redevelopment of the former Chinatown Plaza into a mixed-use development, Knight Frank said in a statement on Monday. The two-storey shophouse is also located near popular F&B establishments.

The EOI exercise for 55 Neil Road will close on April 28 at 3pm.