Mar 26, 2021
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Boasting a wide frontage along Sultan Gate, the two shophouses – which are being sold as an entirety – occupy a combined land area of about 1,771 sq ft, held under an individual land title. Photo: CBRE

Two prime freehold shophouses at 33 and 35 Sultan Gate within the Kampong Glam conservation area have been put up for sale via expression of interest (EOI), with an indicative price of $11.55 million, revealed sole marketing agent CBRE.

This works out to around $3,500 per sq ft on the estimated built-up area of 3,300 sq ft.

Boasting a wide frontage along Sultan Gate, the two shophouses – which are being sold as an entirety – occupy a combined land area of about 1,771 sq ft, held under an individual land title. They come with permanent food and beverage (F&B) approval for both the first and second level.

And since the site is zoned for ‘Commercial’ use under the 2019 URA Master Plan, both locals and foreigners are eligible to acquire the shophouses with no Additional Buyers’ Stamp Duty (ABSD) or Sellers’ Stamp Duty (SSD) payable.

Clemence Lee, CBRE’s Senior Director for Capital Markets, Singapore, said the property presents a “timely opportunity for investors looking to acquire an asset within a growth location”.

He noted that it is uncommon “to come across shophouse assets made available for sale that have obtained F&B approvals for both levels”. Usually, F&B approvals are only for the ground floor or none at all.

With this, the successful buyer can capitalize on the high footfall to the vicinity by either occupying the shophouses to operate their own restaurant or lease it out to an F&B operator.

“Given the introduction of various mixed-use developments such as Duo and South Beach, and upcoming developments such as Guoco Midtown, the redevelopment of Shaw Towers and The M – all of which will propel the vicinity’s transformation into the next hotspot for live-work-play, we are confident of strong interest in the subject property from astute investors who can look forward to capital and/or rental appreciation in the mid- to long-term,” added Lee.

The EOI exercise for the shophouses closes on 29 April.

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