Bugis Point, Amoy Street shophouses for sale

Bugis Point, Amoy Street shophouses for sale

A commercial building as well as three conservation shophouses were put up for sale yesterday.

Bugis Point, a six-storey commercial building at 530, North Bridge Road, is on sale by public tender at a guide price of $59.5 million.

The property, owned by trading firm Geetex Group, sits on a 999-year tenure site of about 2,776 sq ft.

The total floor area of the building is about 16,975 sq ft.

The tender "presents a valuable opportunity to acquire an income-producing single asset of 999-year tenure in the Central Business District, at a palatable quantum", said Ms Sammi Lim, director of investment properties at CBRE, the marketing agent.

"We expect a wide pool of buyers to be keen," she said.

Bugis Point is directly opposite Bugis Junction and Bugis MRT station, and is close to the upcoming integrated development DUO. The site is zoned for full commercial use under the Master Plan 2014 and "features a strong tenant who operates a karaoke lounge which occupies the entire building, and an ancillary food and beverage space on the ground floor", CBRE noted.

Separately, CBRE also launched for public tender sale three adjoining conservation shophouses - 77 to 80, Amoy Street.

They are each three storeys high and have attics, and are owned by investment holding firm York Management, which has about 20 mainly international shareholders.

The guide prices for the shophouses are $64.3 million in total or $2,700 per sq ft over the gross floor area.

The site is zoned for commercial use under the Chinatown (Telok Ayer) Conservation Area in the Master Plan 2014.

Ms Lim noted that given a recent flurry of sales activity in the shophouse market, it is timely to relaunch the properties for sale.

Recent shophouse transactions in Pagoda Street, Ann Siang Hill, Erskine Road and Boat Quay were above $3,000 per sq ft (psf), while four shophouse units in Amoy Street were launched at $3,300 to $3,350 psf recently.

The price for the shophouses is attractive in comparison, and is also lower than the guide price of $66.8 million for the units in the last sale exercise about 18 months ago.


This article was first published on September 28, 2016.
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