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A shophouse that is a conservation site at 45 Club Street in the CBD is being offered for sale through an expression of Interest (EOI) exercise with an estimated value that is $28.8 million. The three-storey property features an open-air roof terrace, as well as an space of approximately 4,900 square feet. On the basis of the area built up the estimate works up to $5,878 per square foot.
The property is situated on an size of 2,529 sq feet which is classified as commercial and has a lease of 99 years. It is a separate structure with an 16.7m frontage on Club Street. It is located in Telok Ayer Conservation Area. Telok Ayer Conservation Area and is located within just a few minutes’ walk to The Chinatown, Telok Ayer and Maxwell MRT Stations.
Jeremy Lim, senior group director at Huttons Asia, notes that conservation shophouses that have leasehold tenures of freehold or 999 years are extremely sought-after by investors, particularly wealthy individuals. “These properties are seen as heritage assets, and they retain their value,” he says. Huttons Asia is the sole marketing agent for the property.
Aric Lim director of the group division of Huttons Asia, believes the property is perfect for many types of tenants, including established firms. “We see an increase in demand for these properties in MNCs, offices cosmetic practices, lawyers, and accounting firms since there are no restrictions on the hours of operation and maintenance,” he says.
Furthermore, Lee Sze Teck, Huttons Asia’s director of research explains that the property provides excellent transportation connectivity and is also near to Raffles Place as well as Tanjong Pagar Downtown Core. “Buyers might be able to reap future benefits as there are only a few standalone shops,” he adds.
The EOI process will end on the 29th of January at 3pm.