SINGAPORE (EDGEPROP) - A freehold three-storey conservation shophouse on 35 Kreta Ayer Road in Outram, prime District 2, has been put up for sale via an Expression of Interest (EOI) exercise with a guide price of $21.5 million. The property occupies a land plot of about 1,568 sq ft and a floor area of about 4,368 sq ft. This translates into a guide price of $4,922 psf on floor area, its exclusive marketing agent CBRE announced in a March 7 press release.

Located within the Bukit Pasoh Conservation Area, the entire shophouse is fully tenanted. The ground floor unit has permanent approval for restaurant use and is leased by a Korean BBQ restaurant, Don Dae Bak. Its upper floor units are fully leased to an office occupier and commercial school.

The property is eligible for foreigners and additional buyer’s stamp duty or seller’s stamp duty is not payable.

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Conservation shophouses within the district are highly treasured generational assets due to their freehold land tenure and strategic location near popular dining and lifestyle enclaves, says Clemence Lee, executive director of capital markets at CBRE. Given the property’s quantum of less than $25 million, he expects strong interest from a wide range of investors, including family offices, boutique real estate funds, local companies, and high-net-worth individuals.

He adds that the upcoming developments such as the 989-key Mercure ICON Singapore City Centre hotel and TMW Maxwell, by this year and 2027, respectively, will enhance the value of the property. “This will enable the incoming owner to benefit from rental uplifts and capital appreciation over the mid- to long-term horizon,” he notes.

The property is within walking distance of four MRT stations — Maxwell, Outram Park, Chinatown and Tanjong Pagar.

The EOI closes on April 11 at 3pm.