Pair of Kampong Bahru conservation shophouses up for sale

The shophouses come with a guide price of $13 million to $13.65 million, or $2,200 to $2,300 per square foot.
The shophouses come with a guide price of $13 million to $13.65 million, or $2,200 to $2,300 per square foot.PHOTO: JLL

SINGAPORE - A pair of freehold two-storey conservation shophouses at 69 and 71 Kampong Bahru Road is up for sale. The shophouses, which come with attics, occupy a land area of 2,343 square feet and have an estimated gross floor area of 5,947 sq ft.

It is zoned "commercial" under the Urban Redevelopment Authority's 2014 Master Plan, hence, foreigners are eligible to buy the property. In addition, there is no additional buyer's stamp duty or seller's stamp duty imposed on the purchase.

The shophouses are located within the Blair Plain Conservation Area, which has been gazetted for conservation since Oct 25, 1991.

The ground floor is leased to a Cheers convenience stall and a pub, while the upper floors are leased to office tenants. The pub unit comes with approval for KTV and both public entertainment and liquor licences, said marketing agent JLL on Wednesday.

Clemence Lee, JLL's senior director for capital markets, said that with freehold shophouses located within the CBD (central business district) transacting at between $3,500 and $4,000 per square foot (psf), the shophouses' guide pricing of $13 million to $13.65 million, or $2,200 to $2,300 psf, presents one of the "most compelling shophouses investment opportunity" in the market.

"With the gradual transformation of the area, the incoming owner can expect to enjoy strong capital and rental upsides in the mid to long-term."

With the upper floor leases running on a year-to-year basis, the property also offers owner-occupiers an opportunity to acquire a prominent property with high visibility for their own use, Mr Lee added.

The property's expression of interest exercise closes on April 4, 2019 at 3pm.