Pair of shophouses at 83, 85 Keong Saik Road on the market for $30.8 mil

SINGAPORE (EDGEPROP) - A pair of adjoining, freehold three-storey conservation shophouses located at 83 & 85 Keong Saik Road is on the market for sale by expressions of interest (EOI). The shophouses have a guide price of $30.8 million, with CBRE as the exclusive marketing agent. (See also: Two conservation shophouses at Clarke Quay up for sale at $6.2 mil each)

The shophouses sit on a combined land area of 2,762 sq ft with a built-up area of 8,783 sq ft. They are to be sold collectively. The guide price of $30.8 million translates to $3,507 psf based on total floor area.

The ground floor of the shophouses has been approved for F&B use, and they have a prominent frontage of 17m. The roof terrace offers a view of the CBD. The site is zoned for commercial use and falls within the Chinatown (Kreta Ayer) conservation area. “As they are commercial properties, foreigners are eligible to purchase them,” according to Clemence Lee, CBRE senior director of capital markets, Singapore. (See: Find Singapore commercial properties with our commercial directory)

There are multiple value-add opportunities that the buyer could explore to unlock the underlying value of the asset, says Lee. They include adding a 700 sq ft, outdoor deck at level 2, converting the roof terrace into a rooftop café, or converting the upper floors into a hotel, serviced apartments or co-living rooms, he lists.

Keong Saik has been rejuvenated over the years, and features boutique hotels such as Hotel Soloha, Hotel 1929 and Kesa House. Trendy restaurants along the street include Potato Head, Mag’s Wine Kitchen, Thevar, Gaston Burgundy Bistro & Wine Bar and The Guild. The Working Capitol flagship co-working space is located there and has been instrumental in the regeneration of the neighbourhood.

The properties at Keong Saik Road are also located within walking distance of the Outram and Chinatown MRT stations. The EOI for the shophouses will close on Aug 18.