Oct 1, 2020
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The three shophouses – which are held under an individual land title – have a total floor area of about 2,548 sq ft. They occupy a combined land area of about 1,605 sq ft, with a remaining tenure of 74 years. Photo: CBRE

Three adjoining prime shophouses at 14, 16 and 18 Baghdad Street have been launched for sale as an entirety via expression of interest (EOI), carrying an indicative price of $7.64 million or around $3,000 per sq ft (psf), revealed sole marketing agent CBRE.

Enjoying a wide road frontage to Baghdad Street, the three shophouses – which are held under an individual land title – have a total floor area of about 2,548 sq ft. They occupy a combined land area of about 1,605 sq ft, with a remaining tenure of 74 years.

Located within the Kampong Conservation Area, the site is zoned full “Commercial” under the 2019 Master Plan. This means both local and foreign buyers can acquire the property, with no Additional Buyers’ Stamp Duty or Sellers’ Stamp Duty payable.

“Kampong Glam has evolved from an area of rich history revolving around the Muslim community in Singapore and activities focusing on textile trade to one that now exudes ethnic hipster vibes that is drawing an increasingly young and diverse group of visitors. Coupled with the ongoing rejuvenation projects such as Guoco Midtown that will propel the vicinity’s transformation into the next hotspot for live-work-play offerings, we are confident that the shophouses will garner strong interest from both astute investors and owner-occupiers who are looking to capitalize on these aspects to enjoy capital and rental upsides in the near future,” said Clemence Lee, Senior Director, Capital Markets, Singapore at CBRE.

Aside from the upcoming Guoco Midtown, nearby landmarks include Istana Kampong Glam, Sultan Mosque, DUO, City Gate and The Concourse.

He noted that successful buyer can enjoy immediate rental income since the shophouses are presently fully tenanted by wellness and convenience stores as well as F&B and take-away food establishments.

“The subject property also presents flexibility to owner occupiers if they wish to configure the space and maximise usage that are potentially ideal for shops, F&B offerings and gym/fitness centres, subject to authorities’ approval,” he added.

The EOI exercise for 14, 16 and 18 Baghdad Street closes on 6 November.

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Victor Kang, Digital Content Specialist at PropertyGuru, edited this story. To contact him about this or other stories, email victorkang@propertyguru.com.sg

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