3 shophouses up for sale by expression of interest

The 999-year leasehold commercial shophouse in Kampong Glam is located at 18 Bali Lane and has a guide price of $6.9 million.
The 999-year leasehold commercial shophouse in Kampong Glam is located at 18 Bali Lane and has a guide price of $6.9 million.PHOTO: KNIGHT FRANK

Three shophouses in Kampong Glam, Serangoon Gardens and Clarke Quay are being put up for sale by expression of interest.

The two commercial shophouses in Kampong Glam and Serangoon Gardens have guide prices of $6.9 million and $8.5 million respectively, said their sole marketing agent Knight Frank.

The 999-year leasehold Kampong Glam property is located at 18 Bali Lane. The two-storey conservation shophouse with an attic, which is currently tenanted, has a total built-up area of about 1,919 sq ft.

The guide price for the property translates to about $3,600 per sq ft (psf) of floor area, said Knight Frank.

A nearby shophouse at 11 Bali Lane recently sold for $18.8 million or $4,017 psf, while a shophouse in Bussorah Street a few lanes away, with a land size of 1,741 sq ft and 83 years left on its lease, sold for $5 million in July last year, said Knight Frank.

The area is popular among tourists and locals for its hipster vibe and colourful, lively neighbourhood, the agent added.

The Serangoon Gardens shophouse is a two-storey corner unit with a land area of 1,618 sq ft and a built-up area of about 3,000 sq ft.

Its $8.5 million guide price translates to about $2,833 psf over the floor area, said Knight Frank.

The property has a 999-year tenure and is currently fully tenanted.

The last transaction in the area was 65 Serangoon Garden Way, which sold for $8.8 million at the end of last year, said Knight Frank.

The Serangoon Gardens area is known for eating places such as Chomp Chomp Food Centre, and has amenities such as banks, enrichment centres and beauty salons.

The expression of interest exercise for both properties will close on Nov 28 at 3pm.

Meanwhile, a four-storey conservation shophouse opposite Clarke Quay MRT station is being put up for sale today by expression of interest, said marketing agent Colliers International.

The property at 21 New Bridge Road has a valuation price of $19.5 million, or $3,200 psf, based on the proposed total gross floor area of 6,062 sq ft.

The seller will bear the additional cost of topping up the land tenure to a fresh 99-year lease and will also build out the rear extension to up to six storeys.

Situated between a restaurant and a coffee shop, the property has high footfall and is within walking distance of the Raffles Place commercial district, said Colliers.

The expression of interest exercise will close on Nov 27 at 3pm.

No additional buyer's stamp duty or seller's stamp duty payment is needed for the three shophouses as they are zoned for commercial use.

A version of this article appeared in the print edition of The Straits Times on November 06, 2019, with the headline '3 shophouses up for sale by expression of interest'. Print Edition | Subscribe