SINGAPORE - Three adjoining shophouses at 33 Liang Seah Street have been put up for sale via private treaty at $30 million, marketer Colliers International said on Thursday (May 24).
The three units, held under a single land title, sit on a 2,694 sq ft site within the Beach Road Conservation Area, and have an estimated total gross floor area of 11,500 sq ft. The site is zoned "commercial and residential", with a gross plot ratio of 4.2 under the Master Plan 2014.
The land also has a 999-year lease tenure beginning from 1827.
Colliers International said the buildings underwent extensive redevelopment works in 1997 when the shophouses were rebuilt and the external facade reinstated to the original specification.
Located opposite Bugis Junction mall, the property is within walking distance from Bugis MRT station.
Mr Steven Tan, director of Capital Markets & Investment Services at Colliers International, said: "Shophouses have always been a sought-after class of real estate among investors, owing to their prime locations, heritage charm and scarcity. We expect to see keen investment interest for 33 Liang Seah Street amid the rising optimism in the property market in Singapore."
He added that the rare 999 years' tenure and the prime location would boost the potential for asset value retention and capital appreciation.
Separately, PropNex announced the auction of a batch of six freehold conservation shophouses in Little India. The corner unit and five adjoining units at Desker Road were bought by their current owner in 2010 for $10 million.
A 25-room hotel - Marrison@Desker - operates on the second floor of the shophouses. There are also food and beverage and retail units on the ground level.
The six shophouses occupy a total land area of 619.1 sq m and a total build area of approximately 1,140 sq m.
The auction will be held on May 31.