Holland Village property of man slain by father-in-law for sale at $9.6 mil
By Nicholas Lam
/ EdgeProp Singapore |
The 2,293 sq ft shophouse unit at 31A Lorong Mambong (Photo: CBRE)
The second-floor unit of a two-storey freehold corner shophouse at 31A Lorong Mambong has been listed for sale at a guide price of $9.6 million, with CBRE as the marketing agent. A property title search shows that the unit at 31A Lorong Mambong is held by the late Spencer Tuppani, a businessman who was stabbed to death by his father-in-law, Tan Nam Seng, along Boon Tat Street on July 10, 2017. Tuppani was 38 when he died.
Based on a caveat lodged in December 2016, Tuppani paid $4.6 million ($2,006 psf) for the 2,293 sq ft unit.
The unit is zoned as 'commercial' and is currently tenanted to Anytime Fitness, offering immediate rental income. Alternatively, the unit can be converted into a hotel, serviced apartment or backpackers' hostel, subject to approval from the relevant authorities.
The shophouse is within a short walk of the Holland Village MRT Station on the Circle Line and the bus stop in front of Holland Road Shopping Centre.
Recent shop unit and shophouse transactions in Holland Village (Source: EdgeProp Landlens)
According to Clemence Lee, CBRE executive director of capital markets, Singapore, there are only 66 commercial shophouses in Holland Village in prime District 10. These shophouses are mainly freehold and clustered along Lorong Mambong and Lorong Liput.
"Astute investors understand the rarity of such palatable freehold shophouse units, which are typically tightly held and rarely available for sale," says Lee.
He adds that Holland Village is a popular F&B lifestyle destination that offers a wide variety of F&B and retail options, for instance, Little Farms Market, Crystal Jade Hong Kong Kitchen, Birds of Paradise Gelato Boutique, Lola's Cafe, Tai Cheong Bakery, and Two Men Bagel House are in the neighbourhood.
The shophouse unit at 31A Lorong Mambong is for sale by expression of interest, which will close on Feb 3. The $9.6 million asking price translates to $4,187 psf based on the unit area of 2,293sq ft.
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