SINGAPORE (EDGEPROP) - A five-storey commercial shophouse at 32 Hongkong Street is now on the market at a guide price of $8.5 million, excluding the premium payable for lease renewal, which is subject to the approval of authorities.

The guide price works out to be $1,198 psf based on the total floor area of about 7,100 sq ft. The land is 99-year leasehold with effect from January 1942 and measures around 1,717 sq ft.

The site is zoned “commercial” under the URA Master Plan 2019, with a plot ratio of 4.2 and has an allowable building height of up to six storeys. Hence, no additional buyer’s stamp duty and seller’s stamp duty will be imposed. Both locals and foreigners are eligible to purchase.

The property is exclusively marketed by Adnic Lee, senior associate marketing director of PropNex Realty. “The developer has the flexibility to apply to the relevant authorities to change the facade and refresh the look of the building as the shophouse is under envelope control guidelines,” says Lee. He adds that it is ideal for investors who prefer to rebuild or owner-occupiers who want to locate their family offices within the CBD of Singapore. Investors can apply to SLA for a fresh lease renewal.

The location of the shophouse is within a five-minute walk from Clarke Quay MRT station and Central shopping mall.

The property will be sold with vacant possession. The Expression of Interest exercise closes on April 15 at 3pm.

Check out the latest listings near Clarke Quay MRT station