Arab Street conservation shophouses for sale from $28 million

By
/ EdgeProp Singapore
|
February 26, 2018 6:45 PM SGT
Five freehold conservation shophouses along Arab Street have been put up for sale by Expression of Interest (EOI). The guide price for the shophouses is in the range of $28 to $30 million, which translates to $3,471 to $3,719 psf based on the combined gross floor area (GFA) of 8,066 sq ft. The shophouses have a combined site area of 4,462 sq ft and 20m frontage along Arab Street, according to marketing agent JLL.
The five shophouses can be sold en bloc or in two clusters, with 122, 124 and 126 Arab Street with a combined site area of 2,665 sq ft and GFA of 4,913 sq ft making up one cluster; and 128 and 130 Arab Street, with a combined site area of 1,797 sq ft and GFA of 3,153 sq ft making up the second cluster. The first cluster has a price tag of $17.1 to $18.3 million, while the second cluster is priced at $11 to $11.7 million.
The shophouses are zoned “Commercial” and are currently tenanted to two nightclub operators at the prevailing rent of $10 to $13 psf per month. The properties come with KTV licenses, which are rare as the authorities no longer issue such licenses, according to Clemence Lee, associate director at JLL, who is marketing the properties. Lee expects interest to come from boutique real estate funds, family offices and high net worth individuals.
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(Credit: JLL)
The EOI exercise for the shophouses closes on April 5.