SINGAPORE (EDGEPROP) - A freehold shophouse at 13 Hongkong Street in the CBD is up for sale via an expression of interest (EOI) exercise. The property has a guide price of $28 million, which translates to $4,623 psf based on the estimated gross floor area (GFA) of 6,057 sq ft.

The intermediate shophouse is a recently refurbished property with a roof terrace. It sits on a land plot of approximately 1,833 sq ft zoned for commercial use with a plot ratio of 4.2, which means the property has an untapped GFA of 1,600 sq ft.

“This will appeal to both investors and owner-occupiers who are looking for a prime commercial asset in one of Singapore’s most coveted districts,” says Joshua Giam, associate director of capital markets, Singapore, at CBRE, which is jointly marketing the property with PropNex. (Find Singapore commercial properties with our commercial directory)

“The incoming owner can explore different value-add angles such as utilising the untapped gross floor area, possible configurations to suit different uses such as F&B, hostel, serviced apartments among others, subject to approval from relevant authorities,” he adds.

The property is minutes’ walk from the Clarke Quay and Raffles Place MRT Stations. Nearby landmarks include Clarke Quay Central, an integrated development, and One George Street, a Grade-A office building located approximately 200m from 13 Hongkong Street.

Richard Tan, director of PropNex Shophouse Elites Singapore, observes that the large worker catchment around the area makes the property ideal for investors looking to capitalise on strong rental upside and capital appreciation. “We have been seeing strong demand from family offices and high-net-worth individuals looking for freehold commercial assets in Singapore’s CBD,” he adds.

The EOI exercise will close on May 9 at 12 noon.

Check out the latest listings near Hongkong Street, Clarke Quay MRT Station, Raffles Place MRT Station