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Conservation commercial shophouses portfolio in D1 & D2 launched for sale

by • July 24, 2020 • ShophouseComments (0)117

Portfolio of 3 conservation commercial shophouses in District 1 & 2 launched for sale for S$30.5 million

Knight Frank Singapore announced on July 22nd that it has been appointed by a trust company to offer a portfolio of 3 conservation shophouses for sale via Expression of Interest (EOI), for $30.5 million. The properties can be purchased individually or as a portfolio.

The conservation commercial shophouses are located within District 1 and 2, at Ann Siang Road and Keong Saik Road respectively.

conservation commercial shophouses

image: Knight Frank

All 3 conservation commercial shophouses are zoned Commercial under the Master Plan 2019.

As the shophouses are commercial properties, the sale is open to both locals and foreigners, with no Additional Buyer’s Stamp Duty and Seller’s Stamp Duty imposed on the purchase of the properties.

Mr Ian Loh, Head of Capital Markets (Land & Building, Collective & Strata Sales), Knight Frank Singapore, shares, “Both freehold and 999-year leasehold shophouses in prime Districts 1 and 2 are usually tightly held, with less than 30 transactions per year over the last 7 years. The opportunity to acquire such splendid, conserved properties and own a little piece of Singapore’s heritage is hard to come by, particularly given its central location.”

Conservation commercial shophouses at 13 & 18 Ann Siang Road

The two 999-year leasehold shophouses are prominently located near the junction of Ann Siang Road and Ann Siang Hill, a busy street with an abundance of eateries, trendy bars and associations. The 2 intermediate shophouses are also within the Telok Ayer Conservation Area.

The location is easily accessible, with the upcoming Maxwell MRT station just 250 metres away.

13 Ann Siang Road is a 2-storey shophouse with attic. It has a land area of approximately 116.1 sq m (approximately 1,250 sq ft) and built-up area of approximately 229.3 sq m (approximately 2,468 sq ft). The shophouse was retrofitted some years ago.

18 Ann Siang Road is a 3-storey shophouse with basement. It has a land area of approximately 127 sq m (approximately 1,367 sq ft) and built-up area of approximately 401.92 sq m (approximately 4,326 sq ft). The ground floor unit which is currently leased to an F&B outlet, has a basement which serves as a kitchen.

The guide prices for 13 Ann Siang Road and 18 Ann Siang Road are S$8.5 million and S$13 million respectively.

3 Keong Saik Road

3 Keong Saik Road is a 3-storey corner shophouse off Neil Road, in the Bukit Pasoh Conservation Area. The freehold shophouse is within walking distance to a wide array of F&B outlets in the vicinity. The Working Capitol currently operates co-working spaces in the adjacent block of shophouses. The property is also within walking distance to Outram Park MRT interchange.

The shophouse has a land area of approximately 119.61 sq m (approximately 1,287 sq ft) and built-up area of approximately 300.64 sq m (approximately 3,236 sq ft).

The guide price for the Keong Saik Road shophouse is S$9 million.

The EOI for all 3 conservation commercial shophouses will close on Wednesday, 26 August 2020, at 3pm.

Ann Siang Road in Chinatown begins from a road known as Ann Siang Hill and connects to Kadayanallur Street. It is named after Chia Ann Siang (1832‒1892) who was a wealthy Chinese businessman. Situated on the hill, both Ann Siang Road and Ann Siang Hill are lined with elegantly restored shophouses and richly decorated terraces. Most of these buildings were constructed between 1903 and 1941.

Ann Siang Hill Park located at the end of Ann Siang Road is surrounded by shophouses near Ann Siang Road, Amoy Street and Club Street. The first Anglo-Chinese School in Singapore is located at 70 Amoy Street, near Ann Siang Road. Started by Methodist missionaries on 1 March 1886, it is now called ACS House and has been marked as a historic site by the Urban Redevelopment Authority. Another historic site, the original building of the Pondok Peranakan Gelam Club or Pondok Gelam, is located at Club Street near Ann Siang Hill. Home to a Bawean-Malay community from 1932 to 2000, this last pondok building (communal home) in Singapore was declared a historic site in 2000.

Keong Saik Road is a one-way road located in Chinatown within the Outram Planning Area in Singapore. The road links New Bridge Road to Neil Road, and is intersected by Kreta Ayer Road. Keong Saik Road was named in 1926 after the Malacca-born Chinese businessman, Tan Keong Saik, the son of Tan Choon Tian. The street in Chinatown is named in remembrance to his contribution to the Chinese community.

Keong Saik Road is located within a conservation area known as the Bukit Pasoh Conservation Area, which was given conservation status by the Urban Redevelopment Authority on 7 July 1989. The buildings in the area mainly consist of two and three-storey shophouses in transitional, late and art deco architectural styles. In 2017, it was selected as one of the top ten destinations in Asia by Lonely Planet Magazine.

One of the most sightworthy buildings is Cundhi Gong Temple at No. 13 Keong Saik Road, which was built in 1928 in the Nanyang style. The temple, which is dedicated to the Guan Yin, Goddess of Mercy, is a two storey building without a forecourt and has an area of 400 square metres. Sri Layan Sithi Vinayar Temple at (no. 73 Keong Saik Road was built in 1925. The temple was consecrated in 1973, 1989, 2007 and in 2019.  The five storey Rajagopuram was added in 2007 when the temple was renovated and redesigned.

Mr Paul Ho, chief mortgage officer at iCompareLoan, said: “Singapore remains an attractive destination for savvy investors even in the Covid-19 pandemic. For such investors, the portfolio of 3 conservation commercial shophouses in District 1 & 2 will be a worthy proposition. The properties remain attractive because of their freehold nature, and also because it is in Districts 1 and 2.”

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