Two adjoining shophouses at Kampong Bahru Road for sale at $18.8 mil
By Jennifer Venkat
/ EdgeProp Singapore |
The adjoining shophouses with attic are located at 69 and 71 Kampong Bahru Road. (Photo: CBRE)
SINGAPORE (EDGEPROP) - A pair of freehold conservation shophouses are on sale through an expression of interest (EOI) at a guide price of $18.8 million. The adjoining shophouses with attic are located at 69 and 71 Kampong Bahru Road.
The shophouses occupy a combined land area of 2,343 sq ft and have a floor area of approximately 5,947 sq ft. Under URA’s Master Plan of 2019, they are zoned for “commercial” use under the Blair Plain Conservation Area. Based on the total floor area, the guide price works out to $3,161 psf.
According to marketing agent CBRE, the ground-floor units of the shophouses are fully tenanted by a restaurant and convenience store operator, thus affording the future buyer immediate rental income. The upper floors of the are zoned for “office” use and are presently vacant.
Map and overview of 69 Kampong Bahru Road (Source: EdgeProp LandLens)
Clemence Lee, executive director of capital markets, Singapore at CBRE, is confident that the properties will appeal to a wide pool of buyers, noting that there are only 44 shophouses zoned for commercial use in the Blair Plain Conservation Area, with the rest being zoned for residential use with commercial at the first storey. “Astute investors who are familiar with the locality understand the rarity of such an opportunity, coupled with premium characteristics of the assets such as its freehold tenure, connected units on the upper floors, main road frontage and multiple angles for value enhancements.”
CBRE notes that subject to approval from relevant authorities, the shophouses could potentially be converted to other uses such as accommodation and lodgings, a commercial school, medical clinic or a fitness centre. (Find Singapore commercial properties with our commercial directory)
The shophouses are a six-minute walk away from Outram Park MRT Station. CBRE also highlights it is situated between three rapidly rejuvenating districts - SGH Campus, the CBD and the future Greater Southern Waterfront. Lee believes ongoing enhancements works and new developments in the areas will further benefit the properties’ rental and capital appreciation over the long-term.
The EOI exercise for the shophouses will close on May 24 at 3pm.
Check out the latest listings near Kampong Bahru Road, Blair Plain Conservation Area, Outram Park MRT Station
Follow Us
Follow our channels to receive property news updates 24/7 round the clock.
EdgeProp Telegram
EdgeProp FacebookSubscribe to our newsletter
Top Articles
Search Articles