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COMMERCIAL PROPERTY | Staff Reporter, Singapore

Commercial Hong Kong Street shophouse up for sale at $18m

It will be sold vacant so buyers can apply for a change of use.

A part-four part-six storey commercial shophouse, 19 Hongkong Street, has been put up for sale at $18m or a land rate of $2,300 psf, marketing agent JLL said.

According to an announcement, the property is within the Hong Kong Street area, a rising F&B and lifestyle destination. It occupies a land area of approximately 1,858 sqft and has a total gross floor area (GFA) of approximately 7,792 sqft and roof terrace area of 1,050 sqft.

Under the 2014 Master Plan, the site is zoned "Commercial" and is located within the Upper Circular Road Conservation Area. The property underwent an extensive $7m redevelopment which was completed in 2015.

The initial four-storey shophouse was cleaned out and completely redesigned, JLL noted. After the revamp, it has a six-storey back extension to maximise the built-up area, extensive structural works, a newly refurbished building façade, installation of a new lift, M&E, lighting, and air-conditioning system.

The lease tenure was also topped-up 99 years starting from October 2015.

According to JLL, the site is within a short walk from Clark Quay and Raffles Place MRT stations. Located within the Central Business District (CBD), the property is also accessible to other parts of Singapore via major expressways including the Marina Coastal Expressway (MCE) and Central Expressway (CTE).

JLL capital markets associate director Clemence Lee said, "9 Hongkong Street was transacted last month at $2,513 psf approx. whilst 6 Hongkong Street was transacted at $2,750 psf approx. in May 2018. At a guide price of only $2,300 psf approx. on GFA (or $2,035 psf after factoring in roof terrace area), 19 Hongkong Street presents one of the most compelling shophouse investment opportunities in the CBD."

"Currently zoned for office use, the property is to be sold with vacant possession allowing flexibility for the new buyers to apply for change of use to alternative uses such as co-working, food and beverage (F&B), serviced apartments, medical suites and entertainment amongst others, subject to approval from relevant authorities," he added.

As the property sits on land zoned for commercial use, foreigners are eligible to purchase the property. There is also no Additional Buyer's Stamp Duty (ABSD) or Seller's Stamp Duty (SSD) imposed on the purchase of the property.

The property will be marketed through an Expression of Interest exercise which closes on Wednesday, 8 August 2018, at 3 p.m. 

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