A row of five adjoining freehold shophouses in Kampong Glam is up for sale at $23.8 million, which translates to $2,970 psf.

Located at 17, 19, 21, 23 and 25 Baghdad Street in the Kampong Glam Conservation Area, the five shophouses have areas each ranging from 1,375 sq ft to 2,416 sq ft. They make up a total floor area of about 8,013 sq ft, and occupy a combined land area of about 4,892 sq ft.

They come with a 60m triple-road frontage onto Baghdad Street, Bussorah Street and one side lane.

The shophouses are currently fully tenanted and come with existing F&B approvals. As they are zoned as “commercial” under the 2019 Draft Master Plan, there will be no additional buyers’ stamp duty or sellers’ stamp duty. They are open to both local and foreign buyers.

The shophouses will “garner keen interest from savvy investors with a medium- to long-term investment horizon who are seeking to benefit from future rental upside and capital appreciation, in addition to enjoying immediate rental income”, says Yap Hui Yee, associate director, capital markets, CBRE. The latter is the sole marketing agent for the shophouses.

The shophouses are held by a single owner, but each of the shophouses has its individual land title. The five land titles will provide the successful buyer the additional option to keep some of the units or sell them independently in the future, says Yap.

The expression of interest exercise will close on July 16, 3pm.

Source: 10 June 2019, EdgeProp