CBD commercial shophouse up for sale at $18 mil

By
/ EdgeProp
|
July 10, 2018 3:23 PM SGT
A restored commercial shophouse, 19 Hongkong Street, is up for sale at a guide price of $18 million. This reflects a land rate of $2,300 psf according to the current gross floor area (GFA), or $2,035 psf after factoring in the roof terrace area.
The development occupies a land area of about 1,858 sq ft and has a total GFA of about 7,792 sq ft. The roof terrace has an area of 1,050 sq ft. Under the 2014 Master Plan, the site is zoned “commercial” and is located within the Upper Circular Road Conservation Area in the CBD. Foreigners are eligible to purchase the property. There is also no additional buyer’s stamp duty or seller’s stamp duty imposed on the purchase of the property.
The refurbished shophouse at 19 Hongkong Street (Credit: JLL)
According to marketing agent JLL, the part-four, part-six storey property underwent a $7 million redevelopment which was completed in 2015. The initial four-storey shophouse was completely redesigned. Key features of the refurbishment works include the construction of a six-storey back extension to maximise the built-up area, and a newly refurbished building facade. The lease tenure was also topped-up to a fresh 99 years starting from October 2015.
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Currently zoned for office use, the property is to be sold with vacant possession and buyers can apply for change to alternative uses.
The development is near Clarke Quay MRT station, and is easily accessible via major expressways including the Marina Coastal Expressway and Central Expressway.
The expression of interest exercise will close on August 8.