Conservation shophouse on Teo Hong Road on the market for $15 mil

By
/ EdgeProp Singapore
|
January 23, 2020 6:10 PM SGT
A 3 ½ storey conservation shophouse on Teo Hong Road in the Bukit Pasoh Conservation Area is on the market for sale.
The 3 1/2 storey conservation shophouse at 21 Teo Hong Road in the Bukit Pasoh Conservataion Area has a floor area of 5,000 sq ft and sits on a freehold site of 1,672 sq ft (Photo: PropNex Realty)
The shophouse sits on a freehold site of 1,672 sq ft and has a total floor area of about 5,000 sq ft. The staircase to the upper floors is from the front of the shophouse, but could be repositioned for F&B tenants, subject to approval by the authorities, says Loyalle Chin, a specialist in marketing conservation shophouses. He is also an associate division director of PropNex Realty.
The shophouse is located within walking distance of the Outram Park MRT interchange station, the Straits Clan private members’ club on Bukit Pasoh Road and the upcoming hotel at the former Chinatown Plaza, which is being redeveloped.
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The former Pearls Centre, located across the road from Teo Hong Road, will be redeveloped into a mixed-use development with offices, retail space and residences. It is also sitting on top of the expanded Outram Park MRT interchange station for three lines: The upcoming Thomson-East Coast Line as well as the existing East-West and Northeast Lines.
The owner of the shophouse at 21 Teo Hong Road is am architectural practice that’s currently occupying the entire building. Hence, the owner is open to selling it with vacant possession or with a leaseback option at a guide price of $15 million (about $3,000 psf based on floor area), says Chin.
The last transaction of a shophouse on Teo Hong Road was three doors away at 15 Teo Hong Road. That property changed hands for $10.975 million, according to a caveat lodged in May 2018.
The shophouse at 21 Teo Hong Road is on the market for sale by expressions of interest which will close on March 5 at 3pm.
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