A 999-year leasehold, two-storey conservation shophouse in the Telok Ayer conservation area is on the market for $17 million via expression of interest (EOI). The shophouse on 21 Boon Tat Street sits on a 1,759 sq ft site with a gross floor area (GFA) of about 3,874 sq ft, says marketing agent JLL. This translates to about $4,388 psf on the GFA.
The property houses Michelin star restaurant, Cheek by Jowl, and has permanent F&B approvals for both floors. The Telok Ayer area has many F&B offerings and entertainment options.
21 Boon Tat Street (Picture: JLL)
“Shophouses with F&B approval on two floors are rare as the authorities are becoming increasingly selective in granting such approvals,” says Clemence Lee, associate director of capital markets at JLL. The Boon Tat Street shophouse is a “rare opportunity to own a well-located trophy asset with strong tenant covenant, superior 999-year tenure, rare permanent F&B approval and strong rental income”, he adds.
The property is expected to draw strong interest from boutique real estate funds, high net-worth individuals, family offices, and local companies. The most recent transactions in the area were at 77 Amoy Street which was sold for $25 million ($3,500 psf) in March, and 75 Amoy Street which fetched $18 million ($3,900 psf) in February.
Foreigners are eligible to purchase the property, and there is no additional buyer’s stamp duty or sellers stamp duty imposed on the purchase. The EOI will close on Sept 20.