Portfolio of shophouses and retail units going for $33.3 mil

/ EdgeProp Singapore
November 17, 2020 4:35 PM SGT
SINGAPORE (EDGEPROP) - A portfolio of five commercial shophouses and three adjoining retail units are on the market at an indicative guide price of $33.3 million. SRI Capital Market is marketing these properties, which may be purchased collectively or individually.
The portfolio includes a conservation, 99-year leasehold shophouse on Tras Street. The building is on a 1,994 sq ft site and has a total floor area of 5,283 sq ft. The three-storey plus attic shophouse is fully tenanted.
shophouse on Tras Street - EDGEPROP SINGAPORE
The portfolio comprises a shophouse on Tras Street (white, in centre), four other shophouses and three retail units. (Picture: SRI Capital Market)
A pair of freehold shophouses on North Bridge Road is also up for sale. The properties are in the Kampong Glam Historic District and sit on a 2,445 sq ft plot, with a gross floor area (GFA) of 3,876 sq ft. The shophouses have two floors with a mezzanine level, and are also fully tenanted.
Another pair of shophouses on Balestier Road are also available. These freehold properties sit on a 3,890 sq ft site with a GFA of 5,422 sq ft. The properties are zoned for residential and commercial use with a gross plot ratio of 3.0. Under conservation guidelines, it is possible to build up its rear extension by up to six floors with a maximum total GFA of 11,670 sq ft, subject to approvals.
Three adjoining retail units at Bukit Timah Plaza are also available for sale. They have a combined strata area of about 1,322 sq ft. The basement units are beside a FairPrice Finest supermarket and are fully tenanted. Separately, SRI is also marketing a 17,351 sq ft, ground-floor commercial unit at Bukit Timah Plaza. The unit was put up for sale last month for $30 million.
“This portfolio offers an excellent opportunity for investors to acquire an assortment of shophouses and retail shops, located across various districts and providing an excellent diversification strategy,” says Low Choon Sin, managing partner of SRI Capital Market. He adds that there has been a strong acquisition momentum for shophouses in the CBD and city-fringe locations.
Together, the portfolio of properties has achieved an average occupancy rate of about 83%.
The expression of interest exercise for the sale of these properties closes on Jan 5, 2021.