SINGAPORE (EDGEPROP) - A 999-year leasehold shophouse at 10 Lorong Telok in the Boat Quay conservation area is up for sale via expression of interest at a guide price of $18.8 million. Huttons Asia is the exclusive marketing agent for the property.

Read also: Rare six-storey conservation shophouse at Boat Quay selling for $28 mil

The property has a land size of approximately 1,410 sq ft, which is zoned for commercial use. It is a three-storey shophouse with an attic and a floor-to-ceiling height of 4.5m on the ground floor. Its built-up area totals 4,000 sq ft. (Find Singapore commercial properties with our commercial directory)

The shophouse is located within walking distance of Raffles Place MRT Station on the East-West and North-South Lines.

The property holds F&B approval for the ground level, which is currently tenanted to an F&B operator. The second floor is being used as an office, while the third level and attic is tenanted by a yoga gym.

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Jeremy Lim, senior group district director at Huttons Asia, expects the property to see a high level of interest. “Conservation shophouses with a freehold or 999-year leasehold tenure are well sought after as high-net-worth Individuals see them as legacy assets, which hold their value well,” he says.

More businesses and companies are also choosing to operate out of shophouses in the prime CBD area, notes Aric Lim, group division director at Huttons Asia. “Many operate from the second or third level of these shophouses as they are more flexible in terms of operating hours as well as lease agreements,” he says.

A search on the EdgeProp Research tool shows that the last time a property on Lorong Telok changed hands was in April 2021, when a shophouse with a land area of 1,004 sq ft sold for $11.64 million.

The expression of interest exercise will close on Sept 14 at 3pm.

Check out the latest listings near Boat Quay Conservation Area, Raffles Place MRT Station

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