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Freehold Lorong Mambong shophouse units for sale at $13.8 million

by • February 4, 2020 • ShophouseComments (0)206

The freehold Lorong Mambong shophouse units have a total strata area of about 1,840 sq ft while the adjacent land parcels at the front and rear have a combined land area of approximately 1,020 sq ft

freehold Lorong Mambong shophouse units

Image: Cushman & Wakefield

A shophouse with two retail units located at 26A & 26C Lorong Mambong together with their adjacent front and rear land parcels, have been put up for sale via an Expression of Interest exercise by Cushman & Wakefield, the appointed exclusive marketing agent for the Properties.

Lorong Mambong is within the prime and affluent Holland Village lifestyle precinct in District 10 and is at the heart of the precinct’s main commercial enclave, which houses a vibrant mix of trendy restaurants, cafes and sports bars within its charming shophouses – popular with both local and expat communities. The site is easily accessible with its strategic and convenient location, with Holland Village MRT Station a mere three-minute walk away.

Holland Village has also been earmarked by the Urban Redevelopment Authority (URA) as a growth precinct with plans for more pedestrian walkways, a new community park, as well as an upcoming mixed-use development – One Holland Village. The rejuvenation of the precinct will breathe fresh life into the locality with the introduction of new upscale and luxurious residences, offices and retail spaces.

The freehold Lorong Mambong shophouse units to be divested have a total strata area of about 1,840 sq ft while the adjacent land parcels at the front and rear have a combined land area of approximately 1,020 sq ft. The first floor unit has been approved for “Restaurant” use and its adjacent land parcels may be leased out as outdoor refreshment areas for patio dining use.

The indicative price for the freehold Lorong Mambong shophouse units is $13.8 million.

Mr. Shaun Poh, Executive Director of Capital Markets at Cushman & Wakefield, says “This is an opportunity not to be missed as freehold commercial properties within District 10 are rare and few. Given the URA’s plans for the precinct and the anticipated completion of new developments in the immediate vicinity, the properties will likely appeal to investors seeking prime assets with tremendous potential for capital appreciation and rental upside.”

Foreigners are eligible to purchase the freehold Lorong Mambong shophouse units and Additional Buyer’s Stamp Duty (ABSD) is not applicable. The Expression of Interest exercise or the freehold Lorong Mambong shophouse units closes on 05 March 2020 (Thursday), at 3.00pm.

Mr Paul Ho, chief mortgage officer at iCompareLoan said, “properties such as the freehold Lorong Mambong shophouse units are perceived as attractive investments because they can hold their values because of their location and the freehold nature of the properties. Shops and shophouses are also valued because they give prominent presence to a business entity for them to be visible in a highly competitive environment.”

“The rows of shops along Lorong Mambong and Jalan Merah Saga house some of Singapore’s most famous and characteristic pubs and restaurants, many of which are fully booked during weekends. Holland Village has a reputation as an expatriate neighbourhood but stills attracts a majority of locals to its pubs and restaurants,” Mr Ho added.

Many food chains in Singapore, such as Crystal Jade, The Coffee Bean & Tea Leaf, Sushi Tei, Subway, and Häagen-Dazs, are in Holland Village. A 24-hour kopitiam, a market and a food court are also present with food stalls selling local and western dishes. Other eating places include Starbucks and several dessert, Western cuisine and Japanese cuisine outlets.

The gentrification of the Holland V area is characterised by the more up-market dining options such as the ethnic restaurants as well as franchises such as Tapas Bar. Other prominent bars include Tango’s, Baden and Harry’s Bar. However, Wala Wala remains the grand dame of the bars along the Lorong Mambong stretch. This two-storey stalwart packs a crowd that ranges from students to yuppies with its laid back atmosphere and nightly live music.

Holland Village has a variety of commercial amenities. There are three shopping centres in Holland Village: Raffles Holland V, Holland Road Shopping Centre and Holland V Shopping Mall. Retail establishments are located along four streets and two shopping buildings. These streets are Jalan Merah Saga, Holland Avenue, Lorong Liput and Lorong Mambong. The shopping buildings are Holland Road Shopping Centre, which is along Holland Avenue, and Holland V Shopping Mall, along Lorong Liput. These two buildings are often casually referred to by sales assistants as Holland Village Shopping Centre, which is a non-existent building.

This location makes the freehold Lorong Mambong shophouse units attractive investment opportunity for buyers and investors.

The biggest gainers following the 2018 property cooling measures is likely be owners of strata portfolio of offices and shophouses approved for commercial use said one research. The property cooling measures affected almost all categories of buyers and is predicted to achieve its intended objectives of cooling demand and moderating price growth.

One report said investors looking for alternatives to park their money in the wake of property cooling measures, would divert their attention to the strata office and shophouse markets as they are not subjected to this round of purchase or sales restrictions and encumbrances.

Properties such as the freehold Lorong Mambong shophouse units may be bought under personal name, but total debt servicing Total Debt Servicing Ratio (TDSR) will apply on the individual’s income on such purchases. To buy a commercial or industrial property under company name, total debt servicing ratio TDSR also applies on the individual director’s income if the company is an investment holding company or an operating company that is loss-making or does not have sufficient cash flow to servicing the repayment.

Buyers or investors who are interested in the freehold Lorong Mambong shophouse units should consider approaching a mortgage broker who will be able to guide them through the best commercial loans that are available for the purchase of the prime properties.

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