Adjoining Amoy Street conservation shophouses up for sale

The property, zoned for commercial use within the Chinatown (Telok Ayer) Conservation Area, has a combined land area of about 5,375 square feet.
Dated: 05-Sep-2018

SINGAPORE - A pair of adjoining prime four-storey conservation shophouses along Amoy Street has been launched for sale via public tender.

The guide price for 87 and 88 Amoy Street is $3,415 per sq ft (psf), or $50 million over a gross floor area of about 14,641 sq ft. The property, zoned for commercial use within the Chinatown (Telok Ayer) Conservation Area, has a combined land area of about 5,375 sq ft.

"Recent shophouse transactions in the immediate vicinity such as 52, 75 and 77 Amoy Street recorded a price range of $3,500 to $3,944 psf, and 21 Boon Tat Street has been recently launched for sale with an asking price of $4,388 psf," said Sammi Lim, director of Capital Markets at CBRE.

The property has a passenger lift and reinforced concrete staircases, and there are about 14m of road frontage with high visibility. An open-air public car park is located right in front of the shophouses and public on-street parking spaces are available along Amoy Street and the adjacent streets.

The shophouses are within a two-minute walk to both Tanjong Pagar and Telok Ayer MRT Stations, and enjoy tremendous footfall from occupiers of neighbouring office buildings and tourists, said CBRE.

Landmarks nearby include major integrated developments such as Tanjong Pagar Centre, the upcoming Frasers Tower, the upcoming ASB Tower (former CPF Building) and Ann Siang Hill Park.

"At this price, this property is one of the most compelling options in the current market. In addition, investors will gain from the immediate rental income from the property which currently enjoys full occupancy," added Ms Lim.

Currently, the entire ground floor is tenanted to a health and fitness group. A multinational corporation office is a tenant on the second floor, while a shipping company and a hospitality group are on the third and fourth floors respectively.

The tender closes on Oct 11 at 3pm.

Source: Straits Times