JLL, as the exclusive marketing agent, today presented for sale 69 & 71 Kampong Bahru Road – a pair of rare freehold two-storey shophouses with attic.
Located along the bustling Kampong Bahru Road, the freehold conservation property commands an excellent main road frontage with excellent visibility. The rare freehold two-storey shophouses occupies a land area of 2,343 sf and has an estimated GFA of 5,947 sf.
Under the 2014 Master Plan, the land is zoned “Commercial” and is located within the Blair Plain Conservation Area. The ground floor is currently leased to a Cheers convenience stall and a pub while the upper floors are leased to office tenants. The pub unit comes with rare KTV approval and both Public Entertainment and Liquor License.
69 & 71 Kampong Bahru Road is within a short walking distance to Outram Park MRT station and the upcoming Cantonment MRT station. It is also readily accessible to public transportation along Kampong Bahru Road. The new Kampong Bahru bus terminal is located just across the property.
The property is easily accessible to other parts of Singapore via the Marina Coastal Expressway (MCE), Ayer Rajah Expressway (AYE) and Central Expressway (CTE). With its city fringe location, the property is within a short 10-minute drive from the Central Business District (CBD).
Gazetted for conservation on 25 October 1991, the Blair Plain conservation area was predominately a residential district for well-to-do Chinese merchant families in the past. Today, the area has evolved into a trendy locale, characterised by its myriad of popular F&B, retail and lifestyle offerings. Popular cafes and restaurants in the vicinity includes Highlander Coffee Espresso Bar, Stranger’s Reunion, MIZ Japanese Restaurant and Nylon Coffee Roasters.
Notable development in the area includes the Singapore General Hospital (SGH) Campus which consist of the Singapore General Hospital, Health Promotion Board, Health Sciences Authority, Academia, Ministry of Health, Duke NUS Medical School and four specialist centres namely National Heart Centre Singapore, National Cancer Centre Singapore and National Dental Centre Singapore.
The SGH Campus will undergo a major redevelopment in the next 20 years, where its healthcare, research and education facilities are set to expand by about 3 times. Among the changes expected within the next 10 years include a new National Cancer Centre Singapore building, an SGH Elective Care Centre that will also house the National Dental Centre Singapore, and the Outram Community Hospital.
The Kampong Bahru area is located about 500-metres away from future Greater Southern Waterfront. Outlined under the URA’s 2014 Master Plan, the relocation of the ports and terminals along the southern coastline will free up 1,000 hectares of land potentially for the development of office developments, retail malls, high-end residential towers, hotels, public spaces and a waterfront promenade.
Indicative price for the rare freehold two-storey shophouses set at $13 to $13.65 million ($2,200 to $2,300 psf on GFA)
Mr Clemence Lee, Senior Director, Capital Markets, JLL said: “With freehold shophouses located within the CBD transacting at between $3,500 to $4,000 psf, 69 & 71 Kampong Bahru Road with a guide pricing of $13 to $13.65 million or $2,200 to $2,300 psf presents one of the most compelling shophouses investment opportunity in the market. With the gradual transformation of the area, the incoming owner can expect to enjoy strong capital and rental upsides in the mid-to-long-term.”
“With the upper floor leases running on a year-to-year basis, the property offers owner-occupiers an opportunity to acquire a prominent property with high visibility for their own use. For example, a medical practitioner who would to run his clinic there due to its proximity to the Singapore General Hospital (SGH) Campus would find this property appealing.”, he added.
As the rare freehold two-storey shophouses sits on land zoned for commercial use, foreigners are eligible to purchase the property. There is also no Additional Buyer’s Stamp Duty (ABSD) or Seller’s Stamp Duty (SSD) imposed on the purchase of the property.
The Expression of Interest exercise for the rare freehold two-storey shophouses closes on Thursday, 4th April 2019 at 3.00 p.m.
Shophouses are perceived as attractive investments because they can hold their values because of their central locations and the freehold/999-year-leasehold of many of these properties. Shophouses are also valued because they give prominent presence to a business entity for them to be visible in a highly competitive environment.
The pair of rare freehold two-storey shophouses at Kampong Bahru will be especially attractive to investors because of its location, as investment properties of such nature are scarce.
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