The 2.5-storey shophouse at 25 Purvis Street has a 999-year leasehold and is on the market for $2,745 psf. (Picture: Colliers Singapore)
A 2½-storey shophouse at 25 Purvis Street is on the market for $19.2 million. The 999-year leasehold property will be sold in an expression of interest (EOI) exercise managed by Colliers Singapore.
According to a press release by Colliers Singapore, the property has a site area of 1,665 sq ft and a built-up area of approximately 3,664 sq ft. The guide price translates to approximately $2,745 psf per plot ratio. According to Colliers, the total leasable area can potentially be increased to 6,993 sq ft by building a rear-extension, subject to relevant approvals.
The property will be sold with vacant possession.
The shophouse at 25 Purvis Street is located in the Beach Road Conservation Area. (Map: EdgeProp Singapore)
The shophouse is located in the Civic and Cultural District. It used to house the iconic Yet Con Hainanese restaurant for close to 80 years, and the pre-war shophouse retains much of its classic architectural charm, says John Bin, director of capital markets and investment services at Colliers Singapore.
Read also: Commercial shophouse at Serangoon Gardens on the market for $10.5 mil
Bin adds: “The sale of 25 Purvis Street presents a unique opportunity. Its historical significance, combined with its strategic location, makes it a compelling proposition for a variety of business ventures that unlock further rental value.”
He adds that the area has a high footfall from tourists and locals, with ample parking and public transport links.
The EOI exercise closes on Feb 22.