A conservation shophouse in Boon Tat Street has been put up for sale via an expression of interest exercise with price expectations of around $17 million.
The shophouse in the Telok Ayer Conservation Area has permanent food and beverage (F&B) approvals granted for both floors, and houses the Michelin-starred restaurant Cheek by Jowl.
The 999-year leasehold site has a land area of 1,759 sq ft and the indicative guide price is in the region of $17 million, which works out to a unit land rate of about $4,388 per sq ft (psf) on gross floor area.
It is a short walk from Telok Ayer and Raffles Place MRT stations in the CBD and accessible via the Marina Coastal and Central expressways.
The property is a well-located asset with strong tenant covenant and rental income, said Mr Clemence Lee, associate director of capital markets at marketing agent JLL. “Moreover, shophouses with F&B approval on two floors are rare as the authorities are becoming increasingly selective in granting such approvals,” he added.
Recent transactions for shophouses in the Telok Ayer Conservation Area include 77 Amoy Street, which sold for $25 million (about $3,500 psf) in March, and 75 Amoy Street, transacted at $18 million (about $3,900 psf) in February.
Foreigners are eligible to buy the property at 21 Boon Tat Street as it is on land zoned for commercial use. No additional buyer’s stamp duty or seller’s stamp duty will apply to the purchase.
The expression of interest exercise closes on Sept 20.