Competitively priced rare conservation shophouses in the heart of Singapore's civic and cultural District; within walking distance of Bugis MRT interchange station
Singapore, 24 May 2018 – Colliers International (NASDAQ and TSX: CIGI), a global leader in commercial real estate services, has put up three rare adjoining shophouses at 33 Liang Seah Street for sale via private treaty for SGD30 million.
The three units of part 3 and part 5-storey corner shophouses – held under a single land title – sit on a 2,694-sq ft site within the Beach Road Conservation Area and have an estimated total Gross Floor Area of 11,500 sq ft. Under the Master Plan 2014, the site is zoned “Commercial and Residential” with a Gross Plot Ratio of 4.2. The site has a 999 years’ lease tenure starting from 1827.
The buildings underwent extensive redevelopment works in 1997 where the three shophouses were rebuilt and the external façade was reinstated to original specification.
Located opposite Bugis Junction mall, the property enjoys easy access to the Bugis MRT interchange station and is well served by public bus routes. Liang Seah Street exudes a vibrant atmosphere owing to its strategic location between Bugis Junction and new developments including DUO and South Beach.
Mr. Steven Tan, Director of Capital Markets & Investment Services at Colliers International, said, “Shophouses have always been a sought-after class of real estate among investors owing to their prime locations, heritage charm and scarcity. We expect to see keen investment interest for 33 Liang Seah Street amid the rising optimism in the property market in Singapore. The rare 999 years’ tenure of these shophouses and their prime location in the city centre will boost its potential for asset value retention and future capital appreciation.”
In addition, Liang Seah Street – where a lively mix of restaurants, bars and shops are located - is closed to vehicular traffic over weekends to drive patronage, making the retail units highly sought-after.
Mr. Tan added, “Over the long-term, we are of the view that prices of shophouses – particularly those in central locations - tend to be more resilient and are somewhat more immune to the volatility of the market due to their limited supply and historical value. With a positive outlook for residential, commercial and hospitality property sectors, shophouses which are hybrids of these sectors will likely continue to appeal to a wide range of investors.”
The property is currently multi-let with potential upward reversionary rents through repositioning.
For sales query, please contact:
Steven Tan firstname.lastname@example.org
John Bin email@example.com