Two shophouses in CBD, three in Jalan Besar up for sale

TWO shophouses located in the central business district (CBD) and three adjoining shophouses in Jalan Besar have been put up for sale by tender, marketing agents PropNex and Edmund Tie said separately on Tuesday.

The three-story shophouse with an attic at 35 Kreta Ayer Road has a S$12 million guide price, or S$2,181 per square foot (psf) based on a total floor area of about 5,500 square feet (sq ft). The freehold shophouse sits on a land size of 1,568 sq ft.

The Kreta Ayer Road shophouse is located 100 metres from the upcoming Maxwell MRT and is within walking distance to Outram Park MRT interchange and the Chinatown MRT interchange.

The property will be sold with existing tenancies. The ground floor is tenanted to South Korean food and beverage (F&B) restaurant Don Dae Bak, while a yoga studio occupies several of the upper floors, PropNex said.

The other CBD shophouse is 182 Telok Ayer Street - a three-storey mezzanine shophouse with a 999-year tenure starting from 1829. The shophouse has a guide price of S$15.5 million, which translates to about S$4,031 psf based on a total floor area of around 3,845 sq ft.

It is fully tenanted to an F&B restaurant with all three storeys and mezzanine floor approved for F&B use.

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Located in the Telok Ayer Conservation Area, 182 Telok Ayer Street is less than 250 metres from Telok Ayer MRT station and is within walking distance to both Tanjong Pagar MRT and the upcoming Shenton Way MRT.

PropNex is the sole marketing agent for both the Kreta Ayer Road and Telok Ayer Street shophouses.

Three-adjoining shophouses with mezzanine at 65, 66 and 67 Syed Alwi Road in the Jalan Besar thoroughfare have been put up for sale via a tender exercise with a guide price of S$8.8 million, sole marketing agent Edmund Tie said separately on Tuesday.

The Syed Alwi Road shophouses have a combined site area of 3,542 sq ft and a total gross floor area of 6,723 sq ft.

The Syed Alwi Road shophouses are not subject to additional buyer's stamp duty or seller's stamp duty and are eligible for purchase by both local and foreign buyers.

According to Edmund Tie executive director of investment advisory Swee Shou Fern, investors have the opportunity to reposition the property for alternative uses as vacant possession of the ground floor space can also be delivered upon sale.

Alternative uses include F&B, fitness centre or showroom, subject to approval from the relevant authorities, she said.

The Syed Alwi Road shophouses are under the Little India Historic District and are within 400 metres from Jalan Besar MRT station and near the CBD and Orchard Road.

"This is a rare opportunity to own three adjoining shophouses, which gives the potential buyer ample flexibility in terms of space utilisation," Ms Swee said.

All five shophouses are zoned "commercial" under the Urban Redevelopment Authority's Master Plan 2019. Due to this zoning, the properties are not subject to additional buyer's stamp duty or seller's stamp duty and are eligible for purchase by both local and foreign buyers.

The tender exercise for 65, 66 and 67 Syed Alwi Road will close on Sept 17, 2020, at 3pm. Meanwhile, the tender for 35 Kreta Ayer Road and 182 Telok Ayer Street will close on Oct 1 at 3pm.