Shophouse in Telok Ayer on the market for $16.5 mil

By
/ EdgeProp
|
July 3, 2019 1:43 PM SGT
A 999-year leasehold shophouse at 198 Telok Ayer Street is on the market for $16.5 million. The two-storey building comes with an attic and sits on a 1,654 sq ft plot. It has a gross floor area of 4,171 sq ft. Based on the indicative price, this translates to $3,956 psf on the floor area.
The entire building is approved for F&B use and is currently tenanted to the Pantler café. Its location in the CBD means that it receives a high footfall from the large catchment of office workers. It is also close to three MRT stations – Tanjong Pagar, Telok Ayer, and the upcoming Maxwell station in 2021.
198 Telok Ayer Street is on the market for $16.5 million (Picture credit: PropNex Realty)
The property will be sold with its existing tenancy, and the new owner could be looking at a strong rental yield of about 2.5%, according to Loyalle Chin, associate branch director at PropNex Realty, the marketing agent for the shophouse.
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“With Singapore's rising office rents and an existing strong rental yield of close to 2.5%, this shophouse is attractive to investors who are keen on a property for capital appreciation, or for their own usage,” says Chin.