Aug 8, 2018
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A three-storey conservation shophouse at 29 Stanley Street has been put up for sale with a guide price of $15 million, or $2,300 psf.

Strategically located in the heart of the central business district (CBD), the property occupies a 1,693 sq ft site within the Telok Ayer Conservation Area and has a gross floor area of about 6,500 sq ft.

The site, which is zoned commercial under the 2014 Master Plan, has a 99-year leasehold tenure starting from December 1990.

Marketing agent JLL noted that the conservation shophouse is “approved for food and beverage (F&B) use on the ground floor and office use on the upper floors”.

A short walk from Raffles Place and Telok Ayer MRT stations, the property is accessible via major expressways such as the Central Expressway and Marina Coastal Expressway.

JLL capital markets associate director Clemence Lee expects the property to attract strong interest from local companies, boutique real estate funds, high-net-worth individuals (HNWIs) and family offices.

“With the current limited supply of shophouses available for sale in the CBD, 29 Stanley Street offers investors and owner-occupiers a timely opportunity to acquire a trophy asset in the area,” he said.

And with the ground floor, which is approved for F&B use, currently vacant, “there’s flexibility for a restaurant operator to purchase the property to run their own restaurant or for an investor to bring in an upscale restaurant tenant to compliment the bustling F&B scene in the area”.

Foreigners can acquire the property given that it is located on land zoned for commercial use. No Additional Buyer’s Stamp Duty or Seller’s Stamp Duty is payable for the property.

The expression of interest exercise for the property closes on 12 September.

 

Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email romesh@propertyguru.com.sg

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