Commercial Property Portfolio in the Heart of Holland Village, Chinatown and Kampong Glam For Sale Via Public Tender
Singapore 28 February 2017 – CBRE is pleased to launch the Public Tender sale of a portfolio comprising 3 commercial shophouses in Holland Village, Chinatown and Kampong Glam. Buyers are given the flexibility to bundle up all 3 properties into a single purchase or individual properties.
22/22A Lorong Mambong, Holland Village
22/22A Lorong Mambong is a 2-storey corner commercial building strategically located in the heart of Holland Village – one of Singapore’s most distinctive and vibrant lifestyle destinations set amidst an affluent residential enclave.
This is a rare freehold property that sits prominently on a corner site of approximately 1,976 square feet and comes with a total built-up area of approximately 3,354 square feet. The Property enjoys dual road frontage with excellent visibility. The premises are fully tenanted and come with rare ‘Restaurant with Live Music’ approval on the ground floor and ‘Fitness Centre’ approval on the upper floor.
The Property enjoys close proximity to the Holland Village Circle Line MRT station, and is well-connected to major hubs such as Buona Vista Sub-regional Centre, One-North, National University of Singapore and the Central Business District via expressways and major arterial roads.
Sammi Lim, Director, Capital Markets, CBRE said, “Following CBRE’s successful sale of 7 adjoining units of ground floor retail space and 8 units of second floor shops in Holland Village Shopping Centre last year at an average price of approximately $5,000 per square foot, and URA’s announcement of the Holland Village Extension Plan, we have observed robust interest from buyers seeking compelling purchase opportunities in Holland Village. The affluence of Holland Village, combined with the new wave of redevelopments and continued transformation, have steered buyers’ attention to this next hotspot with strong potential for future growth. It is rare for a unit to come up for sale in this location.”
The URA is offering a unique opportunity to grow Holland Village with new, mixed-use developments that would add to the vibrancy of Holland Village as a great place to live, work and play. The area continues to rejuvenate, with Raffles Medical being the latest addition to the precinct to offer a wide array of healthcare amenities, retail and F&B establishments. The injection of additional medical facilities, public gardens, parks and retail offerings is expected to spur another transformation. This should bring about tremendous potential for the area, and businesses are expected to grow and enjoy a significant increase in patron traffic.
“We are confident that this property will garner keen interest amongst end users and savvy investors from locally and overseas, especially Hong Kong, China and Indonesia buyers, who are familiar and eager to acquire prime commercial space in Singapore.” Ms Lim added.
54 and 56 Pagoda Street, Chinatown
54 and 56 Pagoda Street is a pair of charming prime 3-storey shophouses with an attic level located on the vibrant Pagoda Street in Chinatown – an important precinct that reflects Singapore’s rich heritage history set amidst a street of quaint conservation shophouses. Nestled in the heart of Singapore’s Central Business District, the area also offers an eclectic mix of F&B outlets, retail and entertainment establishments to commercial tenants in the vicinity and tourist visitors. Prominent landmarks in the vicinity include People’s Park Complex, Yue Hwa Emporium and Chinatown Point.
The Properties, with their own unique architectural heritage and character, sit on 2 contiguous land lots, forming a combined rectangular site with total area of approximately 3,010 square feet and total built-up of approximately 9,226 square feet. The ground floors are tenanted to 2 retail shop operators and enjoy immediate large catchment of tourists with voluminous foot traffic; the upper floors are leased to reputable multi-national corporations in the advertising and media industries.
The shophouses are located less than 50 metres from the Chinatown MRT Interchange Station and enjoy direct sheltered access to the station. Located within the Central Business District (CBD), the property is within a short walk to the Raffles Place district. It is easily accessible to other parts of Singapore via the Central Expressway (CTE), Marina Coastal Expressway (MCE) and Ayer Rajah Expressway (AYE).
Ms Lim said, “Shophouses in Chinatown district are always highly sought after due to their rich history and extremely high volume of visitors. This is reflected in the recent successful sale of 21 Temple Street at $9.5 mil, or $2,800 per square foot over the gross floor area and the sale of 205 & 207 New Bridge Road, a pair of shophouses located at the junction of New Bridge Road and Pagoda Street at $20.5mil for $3,535 per square foot over the gross floor area.”
780 North Bridge Road, Kampong Glam
780 North Bridge Road is a prime 2-storey conservation shophouse situated in the heart of Kampong Glam Conservation Area/Ophir-Rochor Corridor, and comes with a freehold tenure.
The site area is approximately 1,260 square feet and has a total floor area of approximately 1,900 square feet. The property is zoned for full ‘Commercial’ usage under the 2014 Master Plan, within the Kampong Glam Conservation Area. The shophouse is fully tenanted.
Prominently located along prime North Bridge Road, the property enjoys high visibility with excellent main road frontage. In addition, it is flanked by the bustling arts, culture, learning and entertainment precinct of the historic district of Kampong Glam Conservation Area. The Ophir-Rochor Corridor which is ear-marked as a new growth area and a natural extension from the Marina Centre is also expected to inject additional vibrancy to complement the existing financial districts at Raffles Place and Marina Bay.
Landmark integrated developments including South Beach and the upcoming DUO and City Gate are also located within close proximity. These developments consist of a mix of residential, commercial, office and/or hotel components, which will contribute further to the already voluminous pedestrian traffic flow.
We expect the sale to garner interest from owner-occupiers looking to purchase their own boutique building. Other possibilities of use include; retail outlets, F&B (take-away) establishments, creative outfits, showrooms, education or healthcare centre.
Ms Lim said, “This is a valuable opportunity for any buyer who wants to claim a stake in this commercial portfolio. All three properties are situated in strategic locations and come with attractive rental income. Buyers will be pleased to know that they are given the option to purchase the properties on a piecemeal or bulk basis.
With increasing demand from owner-occupiers seeking commercial properties in prime locations, we envisage strong interest from end-users who aspire to acquire the subject property as their corporate premises. Interest is also expected to be garnered from both local and foreign investors who are actively seeking to acquire charming commercial shophouses with unique architectural design and stable rental income stream, with a view for capital appreciation in the medium to long term. This is a unique asset class with limited supply and we have observed increased interest from the market. Prices are expected to remain resilient in the long term.”
As all the properties are zoned as ‘Commercial’, this purchase is open to both local and foreigners with no Additional Buyers’ Stamp Duty (ABSD) or Sellers’ Stamp Duty (SSD) imposed on the purchase of the site.
CBRE is the sole marketing agent for this Public Tender exercise.
The Public Tender exercise will close on 28 April 2017, Friday at 3pm.