6 shophouses in Kampong Bahru up for sale at $39.6m

The Kampong Bahru conservation shophouses can be sold individually or collectively. They sit on land zoned for commercial use, and so are open to foreign buyers and have no additional buyer's or seller's stamp duty imposed.
The Kampong Bahru conservation shophouses can be sold individually or collectively. They sit on land zoned for commercial use, and so are open to foreign buyers and have no additional buyer's or seller's stamp duty imposed.PHOTO: JLL

A row of six adjoining conservation shophouses in Kampong Bahru Road has been launched for sale at a guide price of $39.6 million, or about $6.6 million each.

The freehold two-storey units Nos. 69 to 79 Kampong Bahru Road near Outram MRT station can be sold individually or collectively.

They sit on land zoned for commercial use, and so are open to foreign buyers and have no additional buyer's or seller's stamp duty imposed, said marketing agents JLL and Tuscany Realty yesterday.

The site occupies a combined land area of 7,068 sq ft, and has a total gross floor area (GFA) of about 17,600 sq ft. The guide price of $39.6 million works out to about $2,250 per square foot on the GFA.

It is within a 10-minute drive of the Central Business District and walking distance of the upcoming Cantonment MRT station, and is also near the new Kampong Bahru bus terminal. Other notable developments in the area include the Singapore General Hospital Campus, which consists of the hospital, Ministry of Health, Duke-NUS Medical School and four specialist centres.

The Kampong Bahru area is about 500m from the future Greater Southern Waterfront.

The relocation of the ports and terminals along the southern coastline will free up 1,000ha, potentially for the development of offices, malls, residential towers, hotels, public spaces and a waterfront promenade.

  • 7,068 sq ft 

    Combined land area of the site. It has a total gross floor area (GFA) of about 17,600 sq ft. The guide price of $39.6 million works out to about $2,250 psf on the GFA.

Mr Clemence Lee, senior director of capital markets at JLL, said: "The new owner will have the flexibility to amalgamate the (shophouse) units and to explore several value-add angles, such as conducting minor refurbishment as well as exploring change of use such as converting the ground floor to F&B (food and beverage) use, and the second-floor office to uses such as co-living and serviced apartment."

The expression of interest exercise closes at 3pm on Sept 12.

A version of this article appeared in the print edition of The Straits Times on August 15, 2019, with the headline '6 shophouses in Kampong Bahru up for sale at $39.6m'. Print Edition | Subscribe