Conservation shophouses on Telok Ayer Street for sale at $42 mil
/ EdgeProp Singapore |
The 999-year leasehold shophouses have a combined floor area of about 8,000 sq ft (Picture: ERA Realty Network)
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Two adjoining conservation shophouses on Telok Ayer Street are up for sale through an expression of interest (EOI) exercise with an indicative price of $42 million. Located at 132 and 134 Telok Ayer Street, the shophouses have a 999-year leasehold tenure and occupy a combined land area of about 2,841 sq ft. They are zoned for commercial use.
The properties have a total floor space of around 8,000 sq ft, which means the indicative price translates to about $5,250 psf on the floor area.
The shophouses are located near the corner of Telok Ayer Street and Boon Tat Road, roughly a two-minute walk from the Telok Ayer MRT Station on the Downtown Line. They are part of the Telok Ayer Conservation Area, which also encompasses shophouses along Amoy Street, Ann Siang Road, Boon Tan Street and Club Street.
Steven Tan, managing director of capital markets and investment sales at ERA Realty Network, believes the properties could “very well establish a new record price”, given their location and the popularity of shophouses in the Chinatown-Telok Ayer area among investors. ERA is the exclusive marketing agent for the shophouses.
Recent shophouse transactions in the Telok Ayer Conservation Area. Psf prices shown are based on land area (Source: EdgeProp Buddy, URA).
Tan adds that there has been an increase in investor activity since the US Federal Reserve announced its intention to lower interest rates. “We’ve observed a surge in interest and transactions in both shophouses and strata commercial units, and expect more record-breaking deals in the months ahead.”
The EOI will close on Oct 17 at 3pm.
Check out the latest listings for Telok Ayer Conservation Area, Commercial Real Estate properties
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