Aug 11, 2020
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Above: 35 Kreta Ayer Road shophouse. Photo: PropNex

Two central business district (CBD) shophouses – at 35 Kreta Ayer Road and 182 Telok Ayer Street – are up for sale by tender, with guide prices of $12 million and $15.5 million, respectively, revealed marketing agent PropNex Realty.

Located within the Bukit Pasoh Conservation Area, the three-storey shophouse at 35 Kreta Ayer Road comes with an attic. It occupies a 1,568 sq ft site and had a total floor area of about 5,500 sq ft.

The freehold shophouse is within walking distance to Chinatown MRT interchange and Outram Park MRT interchange. It is also near the upcoming Maxwell MRT along the Thomson-East Coast Line, which is set to open in 2021.

PropNex noted that the property’s $12 million guide price works out to one of the lowest per sq ft (psf) at $2,181 on built-up area.

Suitable for investment, the shophouse is being sold with existing tenancies – its ground floor is tenanted to Korean F&B restaurant Don Dae Bak, while a yoga studio occupies some of the upper floors.

Loyalle Chin, Associate Division Director at PropNex, described the property as “one of the most compelling options in today’s market”.

“It is rare to find a tenanted freehold CBD commercial asset at an extremely attractive psf, less than one minute walk to MRT,” he said.

In fact, nearby property at 31 Keong Saik Street was sold for $14 million or $4,304 psf on approximate built-up area, while 29 Keong Saik Street went for $16.48 million or $4,000 psf.

Meanwhile, the three-storey shophouse at 182 Telok Ayer Street comes with a mezzanine.

182 Telok Ayer Street shophouse

Photo: PropNex

Located within the Telok Ayer Conservation Area, the 999-year from 1,829 tenure shophouse has a total floor area of about 3,845 sq ft.

It is within walking distance to the Tanjong Pagar MRT (East West Line) as well as the upcoming Shenton Way MRT (Thomson-East Coast Line). The property is also less than 250 meters to Telok Ayer MRT (Downtown Line).

With all three storeys and mezzanine approved for F&B use, the shophouse is currently fully tenanted to a restaurant.

PropNex noted that the property’s $15.5 million price works out to $4,031 psf on built-up area.

Since both properties are zoned for ‘Commercial’ use under the 2019 Master Plan, both foreign institutions and individual investors are eligible to acquire the shophouses with no additional buyer’s stamp duty and seller’s stamp duty payable.

The tender for the two shophouses closes on 1 October.

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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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