Kampong Bahru Road shophouses put up for sale

A pair of two-storey conservation shophouses at 69 and 71 Kampong Bahru Road have been put up for sale with a guide price of $13 million to $13.65 million, revealed marketing agent JLL.

The freehold shophouses, which come with attics, are situated within the Blair Plain Conservation Area. With an estimated gross floor area of 5,947 sq ft, the property sits on a 2,343 sq ft site that is zoned commercial under the 2014 Master Plan.

The ground floor is currently leased to a pub and Cheers convenience store while the upper floors are occupied by office tenants. JLL noted that the pub unit has approval for KTV and public entertainment and liquor licenses.

Located just across the Kampung Bahru bus terminal, the property is a short walk to Outram Park MRT station as well as the upcoming Cantonment MRT station. It is also easily accessible via the Ayer Rajah Expressway, Central Expressway and Marina Coastal Expressway.

Since it is on land zoned for commercial use, foreigners can buy the property with no Additional Buyer’s Stamp Duty or Seller’s Stamp Duty payable.

“With freehold shophouses located within the CBD transacting at between $3,500 to $4,000 psf, 69 & 71 Kampong Bahru Road with a guide pricing of $13 million to $13.65 million ($2,200 to $2,300 psf) presents one of the most compelling shophouses investment opportunity in the market,” said JLL capital markets senior director Clemence Lee.

“With the gradual transformation of the area, the incoming owner can expect to enjoy strong capital and rental upsides in the mid-to-long-term.”

With the leases for the upper floors running on a year-to-year basis, Lee said the property provides owner-occupiers an opportunity to purchase “a prominent property with high visibility for their own use”.

The expression of interest exercise for the property closes on 4 April.

Source: 28 February 2019, CommercialGuru