SINGAPORE – A row of six adjoining conservation shophouses along Kampong Bahru Road has been launched for sale at a guide price of $39.6 million, or about S$6.6 million each, marketing agents JLL and Tuscany Realty said in a press statement on Wednesday (Aug 14).
Located at 69, 71, 73, 75, 77 and 79 Kampong Bahru Road near Outram MRT station, the six freehold two-storey shophouses can be sold either individually or collectively.
As the property sits on land zoned for commercial use, foreigners are eligible to purchase the property. There is also no additional buyer’s stamp duty, or seller’s stamp duty imposed on the purchase of the property, the marketing agents said.
The site occupies a combined land area of 7,068 square foot (sq ft), and has a total gross floor area (GFA) of about 17,600 sq ft. The guide price of $39.6 million works out to about $2,250 psf on the GFA.
Under the Urban Redevelopment Authority’s 2014 Master Plan, the land is zoned “commercial”, and is located within the Blair Plain conservation area. Gazetted for conservation on Oct 25, 1991, the Blair Plain conservation area was predominantly a residential district for well-to-do Chinese merchant families in the past.
With its city-fringe location, the property is within a 10-minute drive from the central business district, and within walking distance from the upcoming Cantonment MRT station. It is also accessible to public transportation, with the new Kampong Bahru bus terminal located just across the property.
Cafes and restaurants in the vicinity include Highlander Coffee Espresso Bar, Stranger’s Reunion, MIZ Japanese restaurant and Nylon Coffee Roasters.
Other notable developments in the area include the Singapore General Hospital (SGH) Campus, which consists of the Singapore General Hospital, Health Promotion Board, Health Sciences Authority, Academia, Ministry of Health, Duke NUS Medical School and four specialist centres.
In addition, the Kampong Bahru area is located about 500 metres away from future Greater Southern Waterfront. Outlined under the 2014 Master Plan, the relocation of the ports and terminals along the southern coastline will free up 1,000 hectares of land potentially for the development of offices, retail malls, residential towers, hotels, public spaces and a waterfront promenade.
Clemence Lee, senior director of capital markets at JLL, said: “This is a rare opportunity for an incoming investor or owner-occupier to acquire a row of six adjoining freehold shophouses in a central location, which is undergoing rejuvenation.
“The new owner will have the flexibility to amalgamate the units and to explore several value-add angles for the property, such as conducting minor refurbishment works, as well as exploring change of use such as converting the ground floor to F&B (food and beverage) use, and the second-floor office to alternative uses such as co-living and serviced apartment, subject to approval from relevant authorities.”
The expression of interest exercise will close at 3pm on Sept 12.