Row of 3 shophouses along Kreta Ayer Road up for sale with S$49m guide price

Feb 09, 2022



A ROW of 3 freehold, 3-storey corner commercial shophouses have been put up for sale via an expression of interest (EOI) with a S$49 million guide price, announced sole marketing agent Savills Singapore on Wednesday (Feb 9).

The shophouses - 47, 49 and 51 Kreta Ayer Road - are located at the junction of Keong Saik Road and Kreta Ayer Road, which is close to the Outram Park MRT Interchange as well as the upcoming Maxwell MRT station.

They sit on a combined land of about 5,610 square feet (sq ft) with an estimated total built-up area of approximately 11,613 sq ft. Given the floor area, the properties' guide price translates to S$4,219 per sq ft.

All 3 shophouses come with rare food and beverage (F&B) approvals for the entire ground floor and command dual road frontages spanning a total of 65 metres wide, said Savills.

They are zoned for "commercial" use, which means foreigners and companies are eligible to purchase the properties with no additional buyer's stamp duty or seller's stamp duty payable.

According to the agent, the shophouses' ground floor units are currently tenanted to F&B operators while the upper floors are leased to a diversified multinational companies (MNC) tenants' profile.

Yap Hui Yee, Savills' senior director of investment sales and capital markets, said the properties present an "exceptional opportunity to acquire a row of charming shophouses in an exciting and fast-growing precinct that is still undergoing urban transformation".

She also sees potential for owner-occupiers to acquire naming and signage rights in the CBD (central business district) area for their own operations.

"For contiguous and row of adjoining shophouses, it gives the purchaser the flexibility to explore the change of uses potential and such assets are sought after as purchasers can be creative in the restoring of the space by leveraging on the larger floor plates," said Yap.

The EOI exercise for 47, 49 and 51 Kreta Ayer Road closes at 3 pm on Mar 15, 2022.