The shophouse on Dickson Road has a built-up area of about 3,600 sq ft (Picture: AAG Group/OrangeTee & Tie)
A portfolio of assets comprising two shophouses located in Little India and Kampong Glam, together with an HDB shop at Hong Lim Complex, is up for sale through an expression of interest (EOI) exercise. The properties have a combined asking price of $23.7 million. They can be purchased together or separately, says Adnic Lee, senior associate director of AAG Group at OrangeTee & Tie, who is handling the sale.
The shophouse in Little India is a conservation shophouse located along Dickson Road, near Jalan Besar MRT Station on the East-West Line. Occupying a land area of 1,300 sq ft, the 999-year leasehold property has an estimated built-up area of 3,600 sq ft across two floors and an attic. The property has a guide price of $11.88 million, which translates to $3,300 psf on the estimated built-up area.
According to Lee, the property has been “extensively renovated” by the owner. It is currently tenanted by a cafe on the ground floor and a social and members' club on the second floor, while the attic level is being used as an office.
Read also: Four Kampong Glam shophouses for sale at $33.3 mil
The Kampong Glam shophouse is located on North Bridge Road. It has a land area of about 1,400 sq ft and a built-up area estimated at around 3,090 sq ft. The two-storey shophouse features an attic and has a 99-year leasehold tenure from 2007. It has a guide price of $8.8 million, or $2,847 psf on the estimated built-up area.
The shophouse on North Bridge Road has a land area of about 1,400 sq ft and a built-up area estimated at around 3,090 sq ft (Picture: AAG Group/OrangeTee & Tie)
An F&B operator occupies the shophouse’s ground floor, with a beauty and hair salon occupying the upper floors, says Lee.
Meanwhile, the other property for sale is an HDB shop at Hong Lim Complex, a commercial development at Upper Cross Street in Chinatown. The corner unit measures 1,108 sq ft and has an 83-year lease from 1994. It has a guide price of $2.98 million, or $2,690 psf.
The HDB shop at Hong Lim Complex has F&B approvals (Picture: AAG Group/OrangeTee & Tie)
The unit has dual frontages and comes with F&B approval, says Lee. It is currently tenanted by a Japanese omakase restaurant and a salad bar. Lee adds that the unit offers a rental return of 4.38%.
As commercial assets, all three properties are available for purchase by foreign buyers and are not subject to Additional Buyer’s Stamp Duty.
The EOI will close on Oct 31.