Conservation shophouse at Amoy Street for sale from $9 mil

SINGAPORE (EDGEPROP) - A 2½ storey conservation shophouse at 52 Amoy Street has been put up for sale by expressions of interest (EOI). The 999-year leasehold property sits on a site area of 952 sq ft and has a floor area of 2,255 sq ft. Under the URA Master Plan 2014, it is zoned for commercial use.

The property is tenanted to two F&B operators: On the first floor is the popular restaurant Seng’s Noodle Bar and on the upper two floors is cocktail bar Native, which was ranked among the World’s 50 Best Bars in 2019 by William Reed Business Media.

Situated within the Telok Ayer Conservation area, the shophouse along Amoy Street is on the market with a guide price from $9 million or $3,991 psf based on floor area, according to its marketing agent Loyalle Chin, associate division director of PropNex Realty. He is also a specialist in conservation shophouses.

The most recent transaction in the Telok Ayer Conservation Area was for a shophouse located at 198 Telok Ayer Street, which fetched $14.88 million last September, based on caveat lodged with URA Realis. The shophouse sits on a 999-year leasehold site with a total floor area of 3,766 sq ft. Hence, the sale price translates to $3,951 psf.

Prior to that, another intermediate conservation shophouse at 29 Stanley Street was sold for $22.1 million in February 2019. The property sits on a 99-year leasehold site of 1,693 and has three floors with a total floor area of 6,450 sq ft. Hence, the sale price translates to about $3,426 psf. Chin says that sale set “a record price for a 99-year leasehold conservation shophouse in the CBD.”

“Demand for such conservation shophouses in the CBD, primarily in District 1 is strong,” he adds. “The preference is for 999-years or freehold properties located in the Telok Ayer Conservation Area such as Amoy Street, Stanley Street, Telok Ayer Street and Boon Tat Street, as these are near the new Grade-A office buildings such as Guoco Tower at Tanjong Pagar Centre, Frasers Tower, OUE Downtown and upcoming 79 Robinson Road.”

The EOI exercise for the shophouse at 52 Amoy Street will close on March 5 at 3pm.