3 conservation shophouses to sell for $24m to $25m

THREE adjoining units of restored conservation shophouses along Spottiswoode Park Road have been put up for sale via an expression of interest exercise that will close on Feb 4.

The asking price for the three shophouses is $24 million to $25 million.

The properties will be sold with existing tenancies, said Cushman & Wakefield, the exclusive marketing agent.

These three freehold shophouses (No. 63, 64 and 64-1) are located within the Blair Plain Conservation Area, one of the highly sought-after residential historic districts in Singapore.

They are within walking distance to the Outram Park MRT interchange and the future Thomson-East Coast Line, which is due to complete by 2021.

Two of the three properties - No. 63 and 64 - are zoned "residential with first-storey commercial". There are only seven shophouses in the Blair Plain Conservation Area that are zoned as such.

Shaun Poh, executive director of Capital Markets Singapore at Cushman & Wakefield, noted that mixed-use conservation shophouses in the Blair Plain Historic District are rarely available for sale, especially if they are adjoining units in a row.

"Such assets will be appealing to investors seeking to add to their existing investment portfolio or end-users seeking to own a part of Singapore's heritage," he added.

"Foreign buyers, however, are subject to the consent of the Land Dealings (Approval) Unit, given the residential component of the property."

The three shophouses have a combined land area of 7,203 sq ft and a total floor area of 14,360 sq ft (subject to final survey).

The shophouse at No. 64-1 had won a URA Architectural Heritage Award in 2003 for the excellent restoration work to the property with a rear extension and a mezzanine level.

The surrounding developments are predominantly residential in nature, while commercial activities are mostly found along the nearby Kampong Bahru Road and Neil Road areas, an up-and-coming and trendy F&B and entertainment enclave.

This article by The Business Times was published in MyPaper, a free, bilingual newspaper published by Singapore Press Holdings.