SINGAPORE (THE BUSINESS TIMES) – A five-storey commercial shophouse on 32 Hongkong Street has been launched for sale by expression of interest (EOI), sole marketing agent PropNex Realty said on Friday.
Its guide price stands at $9.8 million, excluding the premium payable for lease renewal.
That works out to $1,290 per square foot, based on a total floor area of about 7,600 square feet (sq ft).
The shophouse comes with a lift instaled. It sits on an envelope control site spanning about 1,717 sq ft, with a land tenure of 99 years from Jan 1, 1942.
Envelope control sites are vacant lands and buildings located within Conservation Areas in Singapore, but are not designated for conservation. They can be redeveloped subject to government guidelines.
Calling the property a rare find, PropNex Realty senior associate marketing director Adnic Lee pointed to the scarcity of shophouses within the central business district, particularly those with envelope control.
It is a one-minute walk to Clarke Quay MRT station as well as a nine-minute walk to Central Mall and Raffles Place MRT interchange station.
Mr Lee said that 32 Hongkong Street may suit family offices seeking a prime location to design and build their own premises, or investors that can redevelop and enhance the value of the property.
“It is also a good building for an owner-occupier with plans to rebuild the property at a later timing,” he added.
Mr Lee suggested that the shophouse could be rented for a variety of trade uses, such as for a office, retail, restaurant or gym, subject to approval from the authorities.
“Such a wide array of commercial usage possibilities opens (the property) up to a wider pool of potential tenants looking to operate within the bustling Clarke Quay/Boat Quay area,” he noted.
The site is zoned for commercial use under the Urban Redevelopment Authority’s Master Plan 2019. This means that both Singaporeans and foreigners are eligible to own the property.
Additional buyer’s stamp duty and seller’s stamp duty are not applicable.
The shophouse has an allowable building height of up to six storeys and a plot ratio of 4.2.
It will be sold with vacant possession. The last tenant housed at the property was an investment management firm, The Business Times understands.
The EOI exercise closes at 3pm on April 30.
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