Shophouses in Bugis and Maxwell put on the market
Singapore
SHOPHOUSES in 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.
Another central business district conservation shophouse - at 55 Neil Road and across from the upcoming Maxwell MRT station - has also been put up for sale via an expression of interest (EOI) by Knight Frank.
The three properties in Bugis are minutes away from Bugis MRT interchange; the Tan Quee Lan Street shophouse is within walking distance of the Esplanade and Promenade MRT stations as well.
The 999-year tenure shophouse has a land size of 1,102 square feet (sq ft) and a gross plot ratio of 4.2.
In a 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 said it is "highly attractive in terms of value investment", as it is "priced on par with a 99-year penthouse on the same street".
The Urban Redevelopment Authority has approved a change of use for all three storeys of this shophouse to restaurant.
The property is suitable for investment or for the owner's usage, and will be sold with its existing tenant, makgeolli bar and restaurant Joo Bar.
A nearby shophouse at 6 Tan Quee Lan Street was previously transacted by PropNex at S$12 million.
The pair of freehold shophouses at 56 Haji Lane-87 Arab Street are zoned for commercial use. They have 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 start at S$8.25 million, 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 assets in the prime Bugis district, which counts among 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 at 3pm on June 1.
The 99-year leasehold shophouse over at 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 between S$6.07 million and 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 at 3pm on April 28.
