Restored shophouses in Kampong Glam on the market for $29.5 mil

/ EdgeProp Singapore
November 26, 2018 5:09 PM SGT
The three freehold shopouses are currently fully tenanted to Jamilla Boutique Inn (Credit: Columbia Real Estate)
Three restored shophouses (below) on Aliwal Street in the Kampong Glam precinct have been put up for sale via expressions of interest. They are being offered with a guide price of $29.5 million. The freehold properties are currently fully tenanted to boutique hotel operator Jamilla Boutique Inn.
One of the rooms in Jamila Boutique Inn (Credit: Columbia Real Estate)
The adjoining shophouses occupy a 4,046 sq ft freehold site at 8, 10 and 12 Aliwal Street, and they have a gross floor area of 9,898 sq ft across two storeys and a mezzanine. The seller is private-equity real estate group Columbia Real Estate. The site is zoned for commercial use, and foreigners are eligible to purchase it. No additional buyer’s stamp duty or seller’s stamp duty is applicable.
The shophouses are close to City Gate, an integrated development jointly developed by Fragrance Group and World Class Land that comprises 311 residential units and 188 retail units. Other upcoming developments include Guoco Group’s development of the government land tender site on Beach Road, as well as the North-South transport corridor. The shophouses are 350m from Nicoll Highway MRT station and 700m from Bugis MRT station.
The tender closes on Nov 30.
Meanwhile, three shophouses at 33, 35 and 37 Tras Street were sold for $21.2 million. The price paid for the properties reflects a gross yield of 3.5%, based on the current tenancies. The adjoining shophouses are leased to Z Wedding and Hassell Design. The price translates into $2,600 psf on the built-up area of 8,160 sq ft. The properties occupy a 4,450 sq ft site with a 99-year tenure.