By Rachel Mui
source: The Business Times
SINGAPORE’S shophouse blitz is showing no signs of abating, with another one at 6 Bukit Pasoh Road up for sale at a guide price of $10.5 million.
The indicative price translates to about $3,750 per square foot on the total floor area, sole marketing agent PropNex Realty said on Wednesday.
Occupying a land area of 1,363 square feet (sq ft), the central business district (CBD) shophouse has a total floor area of about 2,800 sq ft, subject to site survey, PropNex said. It
added that the 2.5-storey property comes with staircase access from the front and may be repositioned for food and beverage usage on the upper floors.
The shophouse is zoned for full commercial use under the Urban Redevelopment Authority’s Master Plan 2019. Foreigners are eligible to buy the property, and the sale will not incur additional buyer’s stamp duty.
Located near Outram Park MRT interchange in the Bukit Pasoh conservation area, the property is within walking distance to residential development Pinnacle@Duxton.
PropNex said the property will be sold with tenancy and is “suitable for investment”. The ground floor is leased to artisanal bakery cafe Baker’s Bench Bakery, while the upper floors are occupied by fintech payment solutions firm Lyte Ventures.
Loyalle Chin, associate division director at PropNex, said the price tag is “one of the lowest” for freehold and 999-year leasehold shophouses in the CBD. Recent CBD transactions include a 999-year shophouse at 77 Amoy Street, sold for $29.8 million.
Meanwhile, 28 Duxton Hill was transacted at about $15.8 million, while 43 Craig Road was transacted at around S$10.7 million, PropNex noted. Both properties have a leasehold tenure of 99 years from 1989.
The tender for 6 Bukit Pasoh Road will close at 3pm on Dec 17.
Separately, five shophouses and three Bukit Timah Plaza retail units were launched for sale on Monday with a combined indicative price of $33.3 million, SRI Capital Market told The Business Times.
Last month, BT also reported that a slew of shophouses have been put up for sale or transacted, after a months-long lull from pandemic-related restrictions. Properties launched then included shophouses in Tiong Bahru, River Valley, Bugis and Telok Ayer.