http://www.businesstimes.com.sg/real...up-for-auction

3-storey pre-war Kreta Ayer shophouse up for auction

Freehold site has land area of 1,580 sq ft, gross floor area of 3,864 sq ft

By Anita Gabriel

[email protected]@AnitaGabrielBT

8 Dec


A THREE-STOREY intermediate shophouse along Kreta Ayer Road is being put up for sale via public auction.

The owner is former deejay Billy Wang, who had set up the premises as an activity and rehabilitation centre for cancer patients.

The refurbished pre-war shophouse is situated within the Bukit Pasoh Conservation Area in the Chinatown Historic district and its neighbouring buildings comprise other heritage shophouses and commercial developments.

The freehold site has some 1,580 sq ft of land area and around 3,864 sq ft of gross floor area. Under the URA Master Plan 2014, the site is currently zoned for commercial use.

The current layout of the shophouse includes a food, beverage and kitchen area on the first floor, seating space on the second floor and an art gallery space on the third. The mezzanine can be used for office administration work.

"Shophouses are emerging as an attractive asset class in addition to residential properties as no additional buyer's stamp duty is required," said Joy Tan, DTZ's head of auction in a statement. DTZ has been appointed as the exclusive auctioneer for the sale.

Based on caveats lodged, DTZ said that sales of similar shophouses have picked up recently with one unit at 43 Keong Saik Road going for S$7.8 million in August while another at 16 Gemmill Lane transacted at S$10.5 million last month. Median prices over the last two years have risen by some 50 per cent, to S$3,400 per sq ft, an indication of renewed interest in the segment, Ms Tan said.

Along with a "coveted address close to the city", DTZ said that the property has good accessibility with roads and expressways, such as Eu Tong Sen Street, New Bridge Road, Cantonment Road, Ayer-Rajah Expressway and Central Expressway, within close proximity.

In terms of public transport, the Outram MRT station and the Maxwell MRT station (under construction) is a short walk away.

"Given its central location and freehold status, we believe that the development will attract a lot of interest from both investors and business owners as such shophouses rarely become available for sale to the market," said Ms Tan.

The public auction will be conducted on Dec 17.