Shophouse in Telok Ayer put up for sale

20140722-bt-shophouse-boon-tat-for-sale-pic EURO Group, which is involved in a range of businesses including real estate, has appointed Cushman & Wakefield to find a buyer for a three-storey shophouse located a stone's throw from Telok Ayer MRT Station.

The indicative asking price for No 25 Boon Tat Street, a 999-year leasehold property, is S$20-22 million.

Euro Assets Holdings (S), the owner, is selling the property with vacant possession. Located in the Chinatown-Telok Ayer Conservation Area, the shophouse is currently being spruced up.

Approval has been obtained from the authorities to use the first and second storeys and roof terrace as restaurant space, while the third storey is approved for office use.

Renovation works are expected to be completed in September this year. Sitting on 1,774 sq ft land area, the property has gross floor area of about 4,555 sq ft; in addition, there is 974 sq ft of uncovered space on the roof terrace. It has an internal lift.

The Chinatown-Telok Ayer Conservation Area is a key landmark for tourists due to its historical significance with the Chinese immigrant community in early Singapore. In addition, the area exudes a nostalgic charm both architecturally and historically, says Shaun Poh, executive director of capital markets at Cushman.

"Commercial shophouses, especially those with approved restaurant use, remain an attractive option for buyers in view of the increasing demand for F&B spaces and the limited supply. With its excellent location and palatable price quantum, the subject property is perfect for buyers who wish to invest in a commercial asset in the CBD or an end-user looking to run a restaurant business," said Mr Poh.

Euro Group is involved in events/conferences, executive search and recruitment, advisory investment strategies, property and F&B businesses. It is also involved in commodity trading and resources related corporate transactions.

It has offices in Beijing, Hong Kong and Singapore.

Cushman's expression of interest for 25 Boon Tat Street will close on Aug 21.

Source: Business Times, 22 Jul 2014