Three-storey conservation shophouse for sale at $18.8 mil
A 999-year leasehold storehouse at 10, Lorong Telok located in the Boat Quay conservation area is available for sale through an expressions of interest for an estimated cost in the range of $18.8 million. Huttons Asia is the exclusive marketing agent for the property.
The property is situated on land of 1,410 square feet that is classified as commercial property. It’s a three-storey storehouse that has an attic and the floor-to-ceiling ceiling height is 4.5m on the first floor. The built-up area is 4,400 square feet.
The shophouse is just a few steps away from Raffles Place MRT Station on the East-West Line and North-South Lines.
The property has F&B authorization for its ground floor, that is currently leased for the F&B operator. Second floor utilized as an office and the third floor and attic are leased to yoga studio.
Jeremy Lim, senior group district director at Huttons Asia, expects the property to receive a significant rate of interest. “Conservation shophouses with leasehold tenure of 999 years or freehold are sought-after because high-net-worth individuals view them as legacy assets which are able to hold their value,” he says.
Many companies and businesses are also opting to work from shophouses located in the most prestigious CBD region, according to Aric Lim director of the group division at Huttons Asia. “Many run their operations from the third or second storeys because they can be more flexible regarding operating hours and leasing agreements” Lim adds.
A lookup of the EdgeProp Research tool shows that the most recent time the property located on Lorong Telok changed hands was in April of 2021. an office building with an size of 1,004 square feet was sold to the value of $11.64 million.
The exercise to express interest is due to close on September 14th at 3pm.