Liang Seah Street shophouses for sale at $30 million

Three adjoining corner shophouses on Liang Seah Street have been put up for sale via private treaty by Colliers International for $30 million. The three shophouses are held under a single title, and share the same address, at 33 Liang Seah Street.

The three corner shophouses at 33 Liang Seah Street are part three- and part five-storeys. They occupy a site area of 2,694 sq ft with a 999-year lease starting from 1827. The shophouses have a total gross floor area of 11,500 sq ft, and like its neighbours, are zoned ‘commercial and residential’ with a plot ratio of 4.2.

Next door to 33 Liang Seah Street, the remaining row of conserved shophouses are called Liang Seah Place, under the address of 1 Liang Seah Street. These shophouses are owned and managed by real estate company, Tan Jin Chwee Co, with the upper floors (third to fifth levels) being converted into 30 one- and two-bedroom apartments for rent.

The conservation shophouses at 33 Liang Seah Street underwent extensive redevelopment works in 1997, according to Colliers International. The three shophouses were rebuilt and the façade was later restored to the original specifications.

The shophouses on Liang Seah Street are located within the Beach Road Conservation Area, and are a short walk from Bugis Junction mall and Bugis MRT interchange station. They are rarely offered for sale. Given the 999-year lease tenure and prime location in the city centre, it has “potential for asset value retention and future capital appreciation”, says Steven Tan, Colliers International director of capital markets and investment services.

The latest transaction along the street was in April when an intermediate conservation shophouse unit across the road from 33 Liang Seah Street changed hands for $12.2 million, according to a caveat lodged with URA Realis.

Liang Seah Street has turned into an enclave of restaurants, bars and shops that are closed to vehicles on weekends. This increases patronage and foot traffic, hence the retail units there are “highly sought after”, says Colliers International.

Meanwhile in the Little India Conservation Area, a row of six freehold, conservation shophouses along Desker Road have been put up for sale. The shophouses are currently being operated as Marrison@Desker, with F&B and retail outlets on the first level and a 25-room hotel on the second level.

The buyer of the Desker Road shophouses will be able to continue operating the hotel under the existing hotel license. Under the Master Plan Zoning 2014, the property is zoned ‘commercial’.

The six shophouses sit on a land area of 6,664 sq ft, with total built-up area of about 12,270 sq ft. The existing owner had purchased the shophouses at 65-75 Desker Road in Jul 2010 for $10.3 million, according to a caveat lodged with URA Realis then. At that time, it was known as Ambassador Hotel.

Marrison@Desker will be put up for sale at Amara Hotel by PropNex’s Auction Team on May 31.