The 3 Liang Seah units are held under a single land title and sit on a 2,694 sq ft site

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The 3 Liang Seah units are held under a single land title and sit on a 2,694 sq ft site

THREE adjoining shophouses at 33 Liang Seah Street have been launched for sale via private treaty at S$30 million, while six conservation shophouses at Desker Road are up for auction.

In a press statement on Thursday, marketer for the Liang Seah shophouses, Colliers International, said the three units, which are held under a single land title, sit on a 2,694 square foot (sq ft) site within the Beach Road Conservation Area.

The estimated total gross floor area (GFA) stands at 11,500 sq ft, and the site is zoned "Commercial and Residential", with a gross plot ratio of 4.2 under the Master Plan 2014. The land also has a 999-year lease tenure beginning from 1827.

According to Colliers International, the buildings underwent extensive redevelopment works in 1997 when the shophouses were rebuilt, and the external facade was reinstated to its original specification. Located opposite Bugis Junction mall, the property is within walking distance from Bugis MRT station.

Said director of capital markets & investment services at Colliers International, Steven Tan: "Shophouses have always been a sought-after class of real estate among investors owing to their prime locations, heritage charm and scarcity. We expect to see keen investment interest for 33 Liang Seah Street amid the rising optimism in the property market in Singapore."

"The rare 999-year tenure of these shophouses and their prime location in the city centre will boost its potential for asset value retention and future capital appreciation," added Mr Tan.

Said Colliers International: "The property is currently multi-let with potential upward reversionary rents through repositioning."

Separately, PropNex on Thursday also announced the auction of a batch of six freehold conservation shophouses in Little India. The corner unit and five adjoining units at Desker Road were bought by their current owner in 2010 for S$10 million.

Farrer Park and Jalan Besar MRT stations are a short walk away, while shopping malls like City Square Mall and Mustafa Centre are within the vicinity.

Marrison@Desker - a 25-room hotel - operates on the second floor of the shophouses. There are also F&B (food and beverage) and retail units on the first level.

Taken together, the six shophouses occupy a total land area of 619.1 square metres (sq m), and a total build area of about 1,140 sq m. Their auction will be held on May 31.

Source: Business Times, 25 May 2018