Two freehold commercial shophouses located separately at 148 Neil Road and 114 Jalan Besar have been put up for sale via an expression of interest exercise, exclusive marketing agent CBRE said on Wednesday (June 12).
The two-storey Neil Road shophouse has a guide price of $15.5 million. It includes a basement and attic level, and sits on a freehold site of about 1,587 sq ft, with a total built-up area of about 4,197 sq ft.
The two-storey Jalan Besar shophouse has a guide price of $5.65 million and occupies a land area of about 1,173 sq ft, with a built-up area of around 1,901 sq ft.
The shophouse has permanent food and beverage (F&B) approval for its ground floor and recently underwent asset refurbishment works. Refurbishment works include the installation of a new M&E (mechanical and electrical) and air-conditioning system, as well as refreshed building interiors.
Interested buyers may purchase the freehold properties together or separately. Both properties are zoned "commercial" under the Urban Redevelopment Authority's 2019 Draft Master Plan, with no additional buyer's stamp duty or seller's stamp duty imposed on local or foreign buyers.
CBRE associate director of capital markets Yap Hui Yee said the two conservation shophouses will appeal to end-user occupiers seeking the property as their business premises as they are able to take over the space immediately. Both shophouses also enjoy prominent road frontages.
Ms Yap added that interest is also expected from both local and foreign investors actively looking for commercial shophouses with unique architecture exuding heritage charm for capital appreciation in the medium to long term.
The expression of interest exercise closes on July 18 at 3pm.
Source: Straits Times, 12 Jun 2019