SINGAPORE (EDGEPROP) - Three shophouses in the Bugis and Duxton neighbourhood are up for sale. The two shophouses in Bugis, at 13 and 14 Bali Lane, have been put up for sale jointly, at a guide price of $9.8 million. The third shophouse, 42 Duxton Road, is for sale from $4.9 million.
The shophouse at 14 Bali Lane (Credit: PropNex Realty)
The shophouse pair for sale along Bali Lane spans two storeys, is zoned for commercial use, and sits on a land size of 1,470 sq ft with a total floor area of 2,581 sq ft. It is currently partially tenanted.
The two shophouses are within a five-minute walk to Bugis MRT Interchange Station on the Downtown and East-West Lines. They are next to Blue Jazz Cafe, a popular hotspot.
“Bugis is becoming increasingly attractive to a growing pool of multinational companies based in Grade-A office developments Duo Tower, Bugis Junction Towers and upcoming Guoco Midtown,” comments Loyalle Chin, associate director at Propnex Realty, which is marketing the property.
The area also attracts “millennials who appreciate the diversity in Bali Lane and Haji Lane, filled with live local music, coffee places and attractive F&B establishments”, Chin adds.
A number of notable transactions have taken place in the Bugis enclave. In July, Allianz and Gaw Capital purchased Duo Tower for $1.6 billion. On Oct 8, it was announced that Hoi Hup Realty would acquire luxury hotel Andaz Singapore at $475 million from M+S Pte Ltd, a joint venture between Malaysia and Singapore.
New commercial developments in the Bugis vicinity also include Guoco Midtown and the new Shaw Towers development.
Exterior of 42 Duxton Road (Credit: PropNex Realty)
Meanwhile, the shophouse at 42 Duxton Road sits on a land of 1,118 sq ft, with a total floor area of 2,035 sq ft.
It is currently tenanted to Kokuyo, a furniture and space design company with offices in China, Thailand, Hong Kong, Malaysia and Singapore. The rental yield is 3.3%, says PropNex.
“With rental yields generally compressed between 1.8% and 2.5%, this is certainly one of the highest rental yields for a shophouse in the CBD,” says Chin.
In the vicinity, 37 Duxton Road was transacted in January at $5.65 million ($2,897 psf). In February, 29 Stanley Street was sold at $22.1 million ($3,400 psf).
The lower guide price for the shophouse at 42 Duxton Road, within $5 million, would allow easier entry for high-net-worth individuals to invest in CBD shophouses and allow for further capital appreciation, states PropNex.
Duxton is in close vicinity to three MRT stations: Outram Park MRT Interchange Station on the East-West and North-East Lines, Tanjong Pagar MRT Station on the East-West Line, and the future Maxwell MRT Station on the Thomson-East Coast Line, which is slated for completion in 2021.
The tender exercise for the three shophouses will close on Dec 17 at 3pm.
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