Singapore, 15 June 2017 – Leading global commercial real estate services firm, Colliers International (NASDAQ and TSX: CIGI), a global leader in commercial real estate services, is inviting offers through an Expression of Interest exercise for the purchase of 33 Liang Seah Street - three adjoining corner conservation shophouse units nestled within the vibrant Bugis area.
Interested parties are invited to submit their offer to Colliers International by Wednesday, 19 July 2017 at 3pm.
Located along Liang Seah Street, the subject property comprises a part-three/part-five-storey block with a total gross floor area of approximately 1,071 sq m. It has a combined land area of approximately 250 sq m, and a lease of 999 years w.e.f. 1827. The property is being offered for sale with existing tenancies, with a potential for upward reversionary rents.
Under the 2014 Master Plan, the site is zoned for “Commercial and Residential” use. Foreigners are eligible to purchase the property. There is also Additional Buyer’s Stamp Duty (ABSD) imposed on the residential portion of the property.
The indicative price for 33 Liang Seah Street is in the region of SGD30 million, which is approximately SGD2,600 psf on the existing gross floor area. The shophouses are sold collectively.
The subject property was completely rebuilt in 1997 with only the original façade retained. The result is a heritage property that combines three shophouse units with extensions increasing usable area, with a contemporary layout, fully retrofitted, complete with a service lift.
The offering is located in the heart of Singapore’s historic Beach Road Conservation Area, which is a mere two-minute walk to the Bugis MRT interchange station. Located within the Central Business District (CBD), the subject property is highly accessible via public transportation along North Bridge Road, and to other parts of Singapore via East Coast Parkway (ECP), Marina Coastal Expressway (MCE), Nicoll highway.
The subject property is prominently located at the start of a row of shophouses on Liang Seah Street. Liang Seah Street exudes a vibrant atmosphere due to its strategic location between Bugis Junction and new developments like DUO and South Bridge along the Beach Road-Ophir Rochor corridor. Earmarked by URA to be a strategic transit hub, the Beach Road-Ophir Rochor corridor is undergoing further development and rejuvenation. Additionally, Liang Seah Street is closed to vehicular traffic over the weekend, which increases footfall for the retail units.
Ms Chia Mein Mein, Director, Capital Markets and Investment Services, Colliers International said: “33 Liang Seah Street presents purchasers a rare chance to acquire a row of 3 adjoining shophouses that are fully restored, and at a realistic asking price in the Central Business District. Due to its rarity, adjoining shophouses with 999 years leasehold are highly sought after by investors.”
Ms Chia adds, “The Bugis area has undergone a transformation to become a vibrant commercial and lifestyle hub in recent years. The bustle will continue and spread when new developments are added to the Bugis micro-market. These changes will bode well for the retailers and businesses operating within the vicinity, and the new owner can expect to enjoy capital and rental upside in the mid to long term.”
Sustained interest in this niche asset class is reflected in the sale of 47 to 65 Keong Saik Road in June 2017, a row of adjoining freehold conservation shophouses in Chinatown. The price is understood to be approximately SGD75 million (SGD2,800 psf).
For further information, please contact:
Darren Lim, PR Manager
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Phone: +65 6531 8609
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