SINGAPORE - A 999-year leasehold conservation shophouse with attic at 21 Boon Tat Street has been put up for sale via an expression of interest (EOI) exercise by marketing agent JLL.
Located in the Telok Ayer Conservation Area, the shophouse has permanent food and beverage (F&B) approvals granted for both floors, and houses the Michelin-starred restaurant Cheek by Jowl. The site has a land area of 1,759 sq ft and the indicative guide price is in the region of $17 million, which works out to a unit land rate of about $4,388 per sq ft (psf) on Gross Floor Area.
The site is a short walk from Telok Ayer and Raffles Place MRT stations in the Central Business District, and is accessible via major expressways including the Marina Coastal Expressway and Central Expressway.
JLL's associate director of capital markets Clemence Lee said that the site is a "rare opportunity" to own a well-located trophy asset with strong tenant covenant and rental income.
"Moreover, shophouses with F&B approval on two floors are rare as the authorities are becoming increasingly selective in granting such approvals," he said.
Recent transactions for shophouses in the Telok Ayer Conservation Area include 77 Amoy Street which was transacted at $25 million (about $3,500 psf) in March, and 75 Amoy Street which was transacted at $18 million (about $3,900 psf) in February.
Foreigners are eligible to purchase the Boon Tat Street property as it sits on land zoned for commercial use. There is also no additional buyer's stamp duty or seller's stamp duty imposed on the purchase of the property.
The EOI closes on Sept 20 at 3pm.