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Three shophouses on Circular Road going for $28 mil

/ EdgeProp Singapore |

July 14, 2021 3:27 PM SGT

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SINGAPORE (EDGEPROP) - A row of adjacent shophouses at 82/83/84 Circular Road is on the market for $28 million. Savills Singapore is the sole marketing agent. (See also: Three shophouses at Bugis put up for sale at Tan Quee Lan Street, Haji Lane and Arab Street)

The three conservation properties sit on a combined land area of 3,611 sq ft, and have been amalgamated into a total built-up area of 7,386 sq ft. The price translates to $3,790 psf on the floor area.

The trio of 999-year leasehold shophouses are in the Boat Quay Historic conservation area in the Central Business District. The buildings at 82 & 83 Circular Road are both two-story conservation shophouses, while 84 Circular Road is a three-storey conservation shophouses.

The properties are zoned ‘commercial’ and are full leased and are approved for restaurants on the ground floor and office use on the upper levels. The shophouses are close to Raffles Place MRT Interchange and surrounded by major office buildings. (See: Find Singapore commercial properties with our commercial directory)

“CBD shophouses have always been very well-sought after and have seen stellar growth since Phase 2 reopening in June 2020,” says Yap Hui Yee, investment sales & capital markets at Savills Singapore.

She adds that the three shophouses enjoy competitive advantage given their strategic location within a popular F&B stretch that draws in footfall from lunch and dinner crowds.

“Shophouses in the Circular Road / Boat Quay precinct have always been tightly held and extremely rare for a connecting row with excellent visibility frontage, to be available for sale. For a contiguous row of adjoining shophouses, it gives the purchaser the flexibility to explore the change of use potential,” says Yap.

The sale presents an opportunity for owner-occupiers such as family offices to acquire a flagship property with potential signage rights in the CBD, she says. Foreigners and companies are eligible to purchase the properties, and no additional buyer’s stamp duty or seller’s stamp duty is imposed on the sale.

The properties will be sold in an expression of interest exercise that closes on Aug 18.

Check out the latest listings near Circular Road, Raffles Place MRT Interchange

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