Three shophouses at Bugis put up for sale at Tan Quee Lan Street, Haji Lane and Arab Street
By Valerie Kor / EdgeProp Singapore | March 24, 2021 1:45 PM SGT
SINGAPORE (EDGEPROP) - Three shophouses at Tan Quee Lan Street, Haji Lane and Arab Street have been put on the market by PropNex Realty.
The first, 5 Tan Quee Lan Street, is a three-storey shophouse with a 999-year lease. It sits on a land area measuring 1,102 sq ft. It will be sold with its existing tenant — bar and restaurant Joo Bar on the first floor. The gross plot ratio of 4.2 allows buyers to increase the floor area further to around 4,629 sq ft. The guide price is available upon request.
All three levels are approved for restaurant use by URA. The shophouse is located within less than a minute’s walk to both Bugis MRT Interchange and the future integrated development of Midtown Modern. Esplanade MRT and Promenade MRT Station are also in close proximity.
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Loyalle Chin, associate director at PropNex Realty, says, “Rental psf pricing of integrated malls that are connected to MRT interchanges are priced higher at above $20 psf. Tenants may prefer shophouses as they are a more viable alternative with a lower rental psf. They also offer tenants greater flexibility of operating hours.”
Chin is also marketing a pair of 999-year shophouses in the Haji Lane enclave, 56 Haji Lane and 86 Arab Street, which are sitting on a land area measuring 1,078 sq ft, with a total floor area of around 2,200 sq ft. The price for both shophouses start from $8.25 million upwards ($3,750 psf on built-up area).
The shophouses enjoy prominent dual frontage and high footfall. They are currently tenanted and can also be used for F&B establishments, serviced apartments, and students’ hostels. They are zoned “commercial” under the URA Master Plan 2019.
“The Haji Lane enclave is home to popular tenants such as ‘I Am…’, Hygge, and Blu Jaz Cafe, one of Singapore’s well-known F&B and live entertainment venues,” says Chin. The shophouses are located within a six-minute walk from Bugis MRT Interchange.
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Chin says the shophouses are in close proximity to the future Guoco Midtown at Tan Quee Lan Street, Liang Seah Street and North Bridge Road and will benefit from the additional footfall brought about by the 770,000 sq ft mixed development.
The sale by tender for 5 Tan Quee Lan Street and 56 Haji Lane-87Arab Street will close on June 1 at 3pm.
Check out the latest listings near Arab Street, Bugis MRT Interchange, Esplanade MRT, Promenade MRT Station
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