3 commercial shophouses, terrace house in Districts 1 & 2 up for sale at S$38.4m

A portfolio of three conservation shophouses and a terrace house located within Districts 1 & 2 is now up for sale in the market, at a guide price of about S$38.4 million, Knight Frank Singapore said in a media statement on Monday.

The properties can be purchased either individually or as a portfolio.

The commercial shophouses are located within District 1 at Ann Siang Road, and District 2 at Keong Saik Road, while the residential unit is situated at Neil Road.

The guide price for 13 Ann Siang Road is S$9.1 million or about S$3,687 per square foot (psf), while the guide price for 18 Ann Siang Road is S$13.8 million (S$3,190 psf).

The two 999-year leasehold shophouses are located near the junction of Ann Siang Road and Ann Siang Hill. They are also within the Telok Ayer conservation area, with the upcoming Maxwell MRT station about 250 metres away.

13 Ann Siang Road is a two-storey shophouse with attic. It has a land area of about 116.1 square metres (1,250 sq ft) and a built-up area of about 229.3 sq m (2,468 sq ft). It was retrofitted some years ago and is fully tenanted.

18 Ann Siang Road is a three-storey shophouse with a basement. It has a land area of about 127 sq m (1,367 sq ft) and built-up area of approximately 401.92 sq m (4,326 sq ft). The ground floor space of the shophouse is currently leased as a food and beverage (F&B) outlet, while the upper floors are leased to a consultancy firm.

The third shophouse is at 3 Keong Saik Road, with a guide price of S$9.6 million or about S$2,967 psf. It is a three-storey corner shophouse off Neil Road in the Bukit Pasoh Conservation Area, and within walking distance to Outram Park MRT station.

With a land area of about 119.61 sq m (1,287 sq ft) and a built-up area of about 300.64 sq m (approx. 3,236 sq ft), it is currently leased as service offices. The property is within walking distance to F&B outlets and boutique hotels in the neighbourhood, with The Working Capitol operating co-working spaces in the adjacent block.

All three shophouses are zoned for commercial use under the Master Plan 2019. The sale is open to both locals and foreigners, with no additional buyer’s stamp duty imposed on the purchase of the properties.

Ian Loh, head of investment and capital markets (land, building & collective sales) at Knight Frank Singapore noted that recent freehold commercial shophouse transactions in Districts 1 and 2 have been in the range of S$3,500 psf to S$3,900 psf. “With rental income and pragmatic guide prices, these properties are appealing assets to acquire,” Mr Loh said.

The expression of interest exercise for the three shophouses will close at 3pm on April 15.

The only residential property in the portfolio is located at 141 Neil Road, with a guide price of about S$5.9 million, or S$1,217 psf.

It is a two-storey intermediate terrace house with an attic. According to Knight Frank, the property in the Blair Plain conservation area is not commonly available for sale, as such houses are usually held as heritage family homes.

The property has a land area of 296.6 sq m (3,193 sq ft) and built-up area of about 447.2 sq m (4,816 sq ft). The interior of the freehold house remains in its original condition, with intricate motifs and decorative floor tiles, Knight Frank said. The residential property is within a five-minute drive to the central business district. It is also within walking distance to Outram MRT station and the upcoming Cantonment MRT station.

Mary Sai, executive director of investment and capital markets at Knight Frank Singapore said: “Despite the Covid-19 outbreak, real estate transactions have continued, especially for properties with freehold or 999-year tenures that are in prime locations. Unsurprisingly, this may be because they are largely deemed as assets with the potential for appreciation over the long term. We believe the response from savvy investors and buyers for the properties will be encouraging.”

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