2 freehold commercial shophouses put up for sale

Two freehold commercial shophouses located separately at 148 Neil Road and 114 Jalan Besar have been put up for sale via an expression of interest exercise, exclusive marketing agent CBRE said yesterday.

The two-storey Neil Road shophouse has a guide price of $15.5 million. It includes a basement and an attic, and sits on a freehold site of 1,587 sq ft, with a total built-up area of 4,197 sq ft.

The two-storey Jalan Besar shophouse has a guide price of $5.65 million and occupies a land area of 1,173 sq ft, with a built-up area of 1,901 sq ft. It has permanent approval for food and beverage use on its ground floor and recently underwent asset refurbishment work.

Interested buyers may buy the properties together or separately. Both are zoned "commercial" under the Urban Redevelopment Authority's 2019 Draft Master Plan, with no additional buyer's stamp duty or seller's stamp duty imposed on local or foreign buyers.

CBRE associate director of capital markets Yap Hui Yee said the two conservation shophouses will appeal to buyers seeking business premises as they can take over the space immediately. Both shophouses also enjoy prominent road frontages.

She added that interest is expected from both local and foreign investors looking for commercial shophouses with heritage charm for capital appreciation in the medium to long term.

The expression of interest exercise closes at 3pm on July 18.

A version of this article appeared in the print edition of The Straits Times on June 13, 2019, with the headline '2 freehold commercial shophouses put up for sale'. Print Edition | Subscribe