Kampong Glam shophouse block up for sale by EOI
A shophouse block (pictured) comprising the three shophouse units 32, 34 and 34A Sultan Gate has been put up for sale by Expression of Interest (EOI), joint marketing agents Cushman & Wakefield (C&W) and Historical Land announced today.
Located at the historic Kampong Glam conservation area along Sultan Gate off Beach Road, the freehold shophouse block sits on a land area of approximately 7,401 sq ft flanked by a public car park on one side and a side lane on the other side.
Zoned "Commercial" and designated for conservation, the property comprises three units of part one-storey and part two-storey shophouse with one side featuring an open terrace.
Shaun Poh, Executive Director of capital markets at Cushman & Wakefield said: "Despite the current overall market slowdown as a result of the cooling measures, conservation commercial shophouses remain an attractive investment option in view of the limited supply and have also proven to be a highly resilient property class."
Agreeing, Simon Monteiro, Director at Historical Land, who specializes in shophouse transactions added: "With such limited supply and many foreign wealthy individuals and even real estate funds are moving deeper into the inherent spirit and ambience of these historic buildings , they see these assets like art in its architectural merits. It goes beyond the understanding of real estate market forces of supply & demand."
Located in the central region, just outside Central Business District, the property is accessible to major arterial roads and expressways including Beach Road, North Bridge Road, Nicoll Highway, East Coast Parkway (ECP). The Nicoll Highway MRT Station is also within proximity.
The indicative price for the shophouse block is in the region of S$28 million, C&W said.
The Expression of Interest for the subject property will close at 3 pm on 23 April.
Nikki De Guzman, Junior Journalist at PropertyGuru, wrote this story. To contact her about this and other stories, email nikki@propertyguru.com.sg.
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