The commercial shophouse sits on a 1,370 sq ft plot. It features an 18.9m frontage facing Beach Road. (Photo: SRI)
A freehold two-storey shophouse on Beach Road will be put up for auction by SRI on June 26. The conservation shophouse has a built-up area of 2,344 sq ft and includes a mezzanine level. The $9.38 million guide price translates to $4,002 psf on the floor area.
A trustee’s sale, this will be the second time the property has been put on the block, says Mok Sze Sze, managing partner of auctions at SRI.
The property was initially listed for auction by SRI in April at the same guide price. The property was withdrawn because there were no successful bidders. It did not appear on SRI’s auction list in May.
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The commercial shophouse sits on a 1,370 sq ft plot. It features an 18.9m frontage facing Beach Road, says Mok. The shophouse is tenanted and will be sold with its existing lease, which ends in March 2026.
Lower level of the shophouse. (Photo: SRI)
Based on URA rental transactions tabulated by EdgeProp Singapore, the median rent for shophouses in the Kampong Glam subzone for April, the latest month on record, was $6.93 psf per month.
The most recent resale transaction of a shophouse in this area was the sale of 68 Arab Street, a freehold shophouse on a 1,187 sq ft plot, according to URA caveats. The property was sold for $7.1 million in May.
Mok says the commercial shophouse for sale has garnered interest from investors and owner-occupiers drawn to the property due to its freehold tenure, commercial zoning and prime location.
(Photo: SRI)
The shophouse is located in the Kampong Glam Conservation Area, which includes historic buildings such as Masjid Sultan and Istana Kampong Glam, home to the Malay Heritage Centre. Most of the preserved shophouses in this area are two-storey buildings designed in the Early and Transitional architectural styles.
The shophouse is near Nicoll Highway MRT Station on the Circle Line. Nearby landmark commercial buildings along Beach Road include City Gate mall, The Concourse and Parkroyal on Beach Road. Additionally, the integrated development Duo Tower on Fraser Street is close by.
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Recent commercial transactionsin the area. (Source: EdgeProp Singapore, URA)