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Three conservation shophouses in District 1 for sale at $31 mil

/ EdgeProp Singapore |

October 9, 2019 6:31 PM SGT

SINGAPORE (EDGEPROP) - Three separate conservation shophouses at Telok Ayer Street, Stanley Street, and Smith Street have been put up for sale. The freehold properties have a combined price of $31 million, and can be purchased individually or together, announced marketing agent Knight Frank Singapore.

The first is a 2½-storey shophouse at 151 Telok Ayer Street going for $12 million, or $3,752 psf based on its built-up area of 3,198 sq ft. The shophouse sits on a 1,574 sq ft site in the Telok Ayer Conservation Area. The ground-floor space may be used as an F&B outlet, subject to approval.

151 Telok Ayer Street going for $12 million, or $3,752 psf based on its built-up area (All pictures: Knight Frank Singapore)

At 14 Stanley Street, another 2½-storey shophouse has a guide price of $12 million, or $3,675 psf based on its built-up area of 3,265 sq ft. The property sits on a 1,491 sq ft site on the boundary between the Downtown Core and Outram Planning Area. The ground floor is currently leased to a restaurant, and offices occupy the upper floors.

14 Stanley Street, a 2½-storey shophouse has a guide price of $12 million

Over in Chinatown, a two-storey corner shophouse facing the sheltered Smith Street Chinatown Food Street is on the market for $7 million, or $1,967 psf based on its built-up area of 3,559 sq ft. The shophouse, at 8 Smith Street, sits on a 2,096 sq ft plot in the Kreta Ayer Conservation Area off Neil Road, which is a tourist destination and food haven comprising boutique hotels, ethnic associations, and top-rated restaurants. The ground floor of the shophouse is tenanted to an F&B business.

The shophouse at 8 Smith Street faces the sheltered Smith Street Chinatown Food Street

Commercial conservation shophouses in prime central locations are highly sought after by investors, as the properties are tightly held and rarely available for sale, says Ian Loh, head of investment and capital markets at Knight Frank. The assets also provide immediate rental income and potential strong reversionary rental, he adds.

The sale is open to locals and foreigners, with no additional buyer’s stamp duty or seller’s stamp duty imposed. The shophouses are offered in an expression of interest exercise that closes on Nov 13.

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