Shophouses Little India Kampong Glam And Hdb Shop Hong Lim Complex Sale 237 Mil
An opportunity to acquire a portfolio of assets consisting of two shophouses located in Little India and Kampong Glam, along with an HDB shop at Hong Lim Complex, has emerged through an expression of interest (EOI) exercise. The total asking price for the properties is $23.7 million. Interested buyers can purchase them together or separately, states Adnic Lee, senior associate director of AAG Group at OrangeTee & Tie, who is in charge of the sale process.
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The shophouse in Little India is a well-preserved shophouse situated along Dickson Road, in close proximity to Jalan Besar MRT Station on the East-West Line. With a land area of 1,300 sq ft, this property holds a 999-year leasehold tenure and boasts an estimated built-up area of 3,600 sq ft spread over two floors and an attic. The guide price for this property is $11.88 million, equivalent to $3,300 psf on the estimated built-up area.
Lee reveals that the owner has completed extensive renovations on the property. Currently, a café occupies the ground floor, while the second floor is leased to a social and members’ club. The attic level is being used as an office space.
The shophouse in Kampong Glam is located on North Bridge Road. It occupies a land area of roughly 1,400 sq ft and has an estimated built-up area of 3,090 sq ft. This two-storey shophouse features an attic and has a 99-year leasehold tenure from 2007. The asking price for this property is $8.8 million, equal to $2,847 psf on the estimated built-up area.
Lee mentions that the ground floor of this shophouse is currently occupied by an F&B operator, while the upper floors are leased to a beauty and hair salon.
Lastly, the third property for sale is an HDB shop located at Hong Lim Complex, a commercial development on Upper Cross Street in Chinatown. This corner unit spans 1,108 sq ft and has an 83-year lease starting from 1994. It is being offered at a guide price of $2.98 million, equivalent to $2,690 psf.
The HDB shop at Hong Lim Complex is a corner unit with F&B approvals in place, adds Lee. It is currently tenanted by a Japanese omakase restaurant and a salad bar, providing a rental return of 4.38%.
All three properties are available for purchase by foreign buyers as commercial assets and are not subjected to Additional Buyer’s Stamp Duty. The EOI exercise will close on October 31.