Hongkong Street shophouse on the market for $23.65 mil
/ EdgeProp Singapore |
The three-storey shophouse (centre) with six-storey rear extension has an estimated total floor area of approximately 7,391 sq ft (Picture: CBRE)
A shophouse at 45 Hongkong Street is up for sale through an expression of interest (EOI) exercise with a guide price of $23.65 million. The three-storey shophouse has a six-storey rear extension and occupies a commercial land area of 1,659 sq ft with a gross plot ratio of 4.2. It has an estimated total floor area of 7,391 sq ft, subject to a final survey. Hence, the guide price works out to $3,200 psf on the floor area.
The shophouse has been refurbished with modern interiors and specifications, according to a Feb 21 press release by CBRE. It features regular floor plates and has a passenger lift that serves all floors. The ground-floor unit has permanent restaurant approval and is leased to the operator of a Japanese izakaya, while the second floor is occupied by a hair salon. The upper floors are used as offices.
Map showing the location of 45 Hongkong Street (Source: EdgeProp Landlens)
The property will appeal to investors seeking income-generating heritage assets, notes Clemence Lee, executive director of capital markets, Singapore, at CBRE. “The property holds a relatively long remaining land tenure of around 84 years, making it more attractive as compared to most other 99-year leasehold shophouses that typically have only around 70 years or less remaining on their land tenures,” he says.
The shophouse is a three-minute walk to Clarke Quay Central, which is connected to Clarke Quay MRT Station on the North-East Line. Raffles Place (North-South and East-West Lines) and Chinatown (Downtown and North-East Lines) interchanges are also within walking distance.
Lee expects the property to see rental and capital upside over the mid-to-long term as new projects further rejuvenate the surrounding area. These include the opening of a 48-key boutique luxury hotel at 21 Carpenter Street, the $62 million asset enhancement initiative at CQ @ Clarke Quay and the proposed redevelopment of Central Square and Central Mall into a large-scale mixed development. “These projects will further strengthen the Boat Quay precinct’s position as one of the top lifestyle destinations in Singapore,” he says.
Recent commercial sales transactions on Hongkong Street (Source: EdgeProp Research)
The EOI exercise for 45 Hongkong Street will close on March 20 at 3pm.
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