SINGAPORE (EDGEPROP) - A conservation shophouse at 45 Club Street in the CBD is up for sale via an expression of interest (EOI) exercise at a guide price of $28.8 million. The three-storey property has an open roof terrace and a built-up area of around 4,900 sq ft. Based on the built-up area, the guide works out to $5,878 psf.

Read also: Conservation shophouse at Keong Saik Road on the market for $16 mil

The property sits on a land area of 2,529 sq ft that is zoned for commercial use and has a tenure of 999 years. It is a standalone building with a 16.7m frontage along Club Street. It is part of the Telok Ayer Conservation Area and is within a short walking distance of the Chinatown, Telok Ayer and Maxwell MRT Stations. (Find Singapore commercial properties with our commercial directory)

---

---

Jeremy Lim, senior group director at Huttons Asia, notes that conservation shophouses with freehold or 999-year leasehold tenure continue to be highly sought after by investors, including high-net-worth individuals. “These properties are seen as legacy assets and they hold their value well,” he says. Huttons Asia is the sole marketing agent for the property.

Aric Lim, group division director of Huttons Asia, believes the property is ideal for various occupants, including established companies. “We observe an increasing demand for such properties among MNCs, offices, aesthetic clinics, law firms and accountancy firms as there are fewer restrictions with operating hours and renovations,” he says.

Meanwhile, Lee Sze Teck, Huttons Asia’s senior director of research, points out that the property offers excellent transport connectivity, while also being close to the Raffles Place and Tanjong Pagar Downtown Core. “Buyers may enjoy potential future upside as there are limited standalone shophouses,” he adds.

The EOI exercise will close on Jan 29 at 3pm.

Check out the latest listings near Club Street, Telok Ayer Conservation Area, Maxwell MRT Stations

---