Shophouses on Baghdad Street, Telok Ayer area up for sale

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SIX shophouses – three on Baghdad Street, and three in the Telok Ayer area – were put up for sale on Wednesday.

With the sites for all six shophouses zoned for commercial use, purchases are open to both local and foreign buyers, with no additional buyer’s stamp duty to be imposed.

Three adjoining prime shophouses at 14, 16 and 18 Baghdad Street are up for sale as an entirety by expression of interest (EOI) at an indicative price of S$7.64 million. This works out to about S$3,000 per square ft (sq ft), sole marketing agent CBRE said in a statement.

The shophouses are held under an individual land title and have a wide road frontage into Baghdad Street. They have a total floor area of about 2,548 sq ft and sit on a combined land area of around 1,605 sq ft, with a tenure balance of 74 years.

Clemence Lee, CBRE senior director of capital markets, Singapore, said the successful buyer can secure immediate rental income as the shophouses are fully tenanted by food and beverage (F&B) and takeaway food establishments, wellness and convenience stores.

The EOI exercise closes on Nov 6.

Separately, a portfolio of three conservation shophouses located within District 1, at Stanley Street, Telok Ayer Street and Smith Street, is up for sale via EOI for a total of S$31 million.

The first is a freehold, 2.5 storey intermediate shophouse at 151 Telok Ayer Street with a land area of approximately 1,574 sq ft and a built-up area of some 3,198 sq ft. The guide price for the Telok Ayer Street shophouse is S$11.7 million.

The second shophouse from this portfolio up for sale is at 14 Stanley Street. The 2.5-storey intermediate shophouse off Cecil Street has a land area of approximately 1,491 sq ft and built-up area of about 3,295 sq ft. The guide price for the Stanley Street shophouse is S$11.5 million.

The third and final property is located at 8 Smith Street, and runs on a 200-year leasehold tenure with effect from August 1872. The shophouse has a land area of about 2,096 sq ft, and built-up area of about 3,559 sq ft. The guide price for the Smith Street shophouse is S$7.8 million. The properties can be purchased individually or as a portfolio.

Knight Frank Singapore has been appointed by a trust company to handle the sale. Ian Loh, head of capital markets for land and building, collective & strata sales, at Knight Frank Singapore, said in a statement that since June 2, there have been seven shophouse transactions in Districts 1 and 2 totalling S$72.2 million. These exceeded the four shophouse transactions that added up to S$20.6 million in the first half of 2020.

The EOI for these three shophouses will close on Nov 3.

source: The Business Times

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