Shophouse blitz: Tiong Bahru, River Valley, Bugis assets up for grabs

Three adjoining freehold shophouses (above) at 262, 264 and 266 River Valley Road carry a guide price of S$2,500 psf based on the total built-up area. 

Updated from : The Business Times22 Oct 2020

A SLEW of shophouses in Singapore have been put up for sale or have been transacted this week, as the market heats up after a months-long lull from pandemic-related restrictions.

Freshly launched properties include shophouses in Tiong Bahru, River Valley, Bugis and Telok Ayer.

A row of freehold conserved shophouses at 265, 267, 269 and 271 Outram Road has been offered via an expression of interest (EOI) exercise with an indicative price of at least S$50 million, Colliers International told The Business Times (BT).

Located near the popular Tiong Bahru bakery, the four adjoining shophouses’ price tag translates to about S$2,733 per square foot (psf) based on an existing gross floor area of 18,295 square feet (sq ft).

The total land area stands at 6,125 sq ft, while net lettable area is about 16,049 sq ft. The property has a total of four commercial units on the first floor and 17 residential units across the second to fourth floors. Food delivery startup foodpanda and a bistro bar are renting the commercial units, and the residential space is leased to a master tenant.

The four shophouses’ EOI exercise closes on Nov 19, 3pm.

Meanwhile, three adjoining freehold shophouses at 262, 264 and 266 River Valley Road are also available via an EOI exercise, said Edmund Tie.

They carry a guide price of S$2,500 per square foot (psf) based on the total built-up area of 8,778 sq ft. That works out to an overall price tag of about S$21.9 million, although the three can also be purchased separately and have individual land titles.

They sit on a corner plot with a combined land area of 3,702 sq ft.

The three shophouses in District 9 are zoned “residential with commercial at first storey” with a plot ratio of 2.8 and an allowable building height of up to four storeys, under the Urban Redevelopment Authority’s (URA) Master Plan 2019.

They are fully tenanted and hence suited for investors seeking immediate income, said Edmund Tie’s executive director of investment advisory Tan Chun Ming. The properties fall within a non-conservation area.

The buyer can explore additional and alteration works to maximise the plot ratio, or redevelop the properties into a mixed-use development or serviced apartments, subject to the authorities’ approval, Mr Tan noted.

The EOI exercise for the River Valley trio will close on Dec 2 at 3pm.

In the Telok Ayer Conservation Area, the home of the popular Swee Kee Eating House – also known as Ka-Soh – is being offered for purchase by tender, said PropNex Realty.

Occupied by the Cantonese-style fish soup restaurant for over two decades, 96 Amoy Street has a price tag starting from S$18 million, or about S$3,871 psf based on a built-up area of 4,650 sq ft.

The 999-year leasehold property comprises two storeys with an attic, and spans a land size of 2,083 sq ft. Its tender closes on Nov 26, 3pm.

It is zoned “commercial” under the URA Master Plan 2019. The Ka-Soh restaurant is likely to extend its tenancy in the next cycle, BT understands.

Over in Bugis, a shophouse on Tan Quee Lan Street and two along Bali Lane are up for grabs, also marketed by PropNex.

The 5 Tan Quee Lan Street shophouse’s indicative price starts at S$15 million. All its three storeys are approved for food and beverage use. The 999-year leasehold shophouse has a gross plot ratio of 4.2, with the potential for buyers to increase the floor area up to about 4,629 sq ft.

It will be sold with the existing tenancy, held by South Korean makgeolli bar and restaurant Joo Bar.

Nearby, 534 North Bridge Road recently sold at S$10 million while 32 Liang Seah Street changed hands at S$12.2 million, PropNex associate division director Loyalle Chin told BT.

A pair of freehold two-storey shophouses at 13-14 Bali Lane has also been put on the market, with the owner seeking S$9.5-9.8 million. Both are zoned “commercial” and partially tenanted. They occupy a 1,470 sq ft plot and have a 2,616 sq ft floor area.

The tenders for 5 Tan Quee Lan Street and 13-14 Bali Lane will close at 3pm on Nov 26.

On Tuesday, a four-storey conservation shophouse at 14 Mohamed Sultan Road, near Fort Canning Park, was sold at S$12.2 million, Isabel Redrup Agency told BT. The boutique property firm said the buyer plans to develop the shophouse into luxury apartments for medium-term stay.

The 999-year leasehold property sits on 2,400 sq ft of land and has 7,600 sq ft in floor area. It can be built up to 10 storeys at its rear with a 3.8 plot ratio, said Isabel Redrup’s managing director Susan Prior