August 23, 2021; Writer's note: The pair of shophouses at 449 and 451 Balestier Road are no longer available for sale through PropNex Realty.
SINGAPORE (EDGEPROP) - A 999-year leasehold shophouse at 97 Amoy Street and a pair of freehold shophouses at 449 and 451 Balestier Road have been put up for sale. The shophouse at 97 Amoy Street is priced from $25.95 million, while the pair of shophouses at 449 and 451 Balestier Road is on the market for $6.8 million.
The properties will be offered in an Expression of Interest (EOI) exercise that will be conducted by PropNex Realty. The EOI will close on April 8.
The shophouse at 97 Amoy Street sits on a land area of 2,035 sq ft, and it has a total floor area of about 5,900 sq ft. The three-storey shophouse includes an attic and an open terrace. The property is zoned ‘commercial’ under the 2019 Master Plan. The ground floor and a portion of the second floor is leased to Basque Kitchen by Aitor, a Michelin-star Spanish restaurant.
The 999-year leasehold shophouse at 97 Amoy Street (centre, in blue) is on the market for $25.95 million. (Picture: PropNex Realty)
“It is rare to find a Michelin-starred F&B shophouse available for sale at Amoy Street, this makes it in attractive investment option for international and local shophouse investors,” says Loyalle Chin, associate division director of PropNex Realty.
On top of its central location in Telok Ayer in the Central Business District, the property is close to key commercial developments such as Afro-Asia i-Mark, 79 Robinson Road, Central Boulevard Towers, CapitaSping, and the redevelopment of Fuji Xerox Tower. The shophouse is also in proximity to Telok Ayer MRT station on the Downtown Line.
Nearby shophouse transactions include 89 Amoy Street which fetched $29.8 million ($10,443 psf) when it was sold on Nov 13, 2020. The shophouse at 77 Amoy Street also changed hands for $29.8 million ($10,747 psf) on Oct 5, 2020.
The pair of adjacent shophouses at 449 and 451 Balestier Road are two-storey properties that sit on a combined land area of 2,079 sq ft. Both sites have a gross plot ratio of 3.0 and are zoned ‘commercial & residential’ under the 2019 Master Plan. An interior design firm recently renewed its lease to rent the entire space.
The pair of freehold shophouse at 449 and 451 Balestier Road are currently leased to interior design company ArtTrend. (Picture: PropNex Realty)
But the properties could be redeveloped into new six-storey developments with an attic each, increasing the floor area to about 6,233 sq ft. The new owner has the option to apply to convert the upper floors into residential co-living or student accommodation, pending government approvals.
Opposite the shophouses is Zhongshan Park and Zhongshan Mall, an integrated commercial-hospitality development. The shophouses are also close to popular eateries along Balestier Road such as Boon Tong Kee’s flagship outlet and Balestier Food Centre.
“This pair of freehold shophouses [at Balestier Road] is attractively priced with a low quantum and very low psf, making it attractive to both foreign buyers and local property developers,” says Chin.
Recent shophouse transactions in the area include the sale of 453 and 455 Balester Road which were sold for $6.5 million ($3,132 psf) in April 2019, and 412 Balestier Road fetched $6.8 million ($3,289 psf) in July 2018.
Check out the latest listings near Amoy Street, Balestier Road, Telok Ayer, Telok Ayer MRT station