5 adjoining Kg Glam shophouses up for sale with S$23.8m guide price

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FIVE adjoining conservation shophouses located in Kampong Glam are up for sale via public tender at a guide price of S$23.8 million, real estate firm Knight Frank said on Wednesday.

The freehold shophouses at 17, 19, 21, 23 and 25 Baghdad Street are located at the prime corner of Baghdad Street and Muscat Street.

They have five individual titles with a total land area of 4,892 square feet (sq ft), and gross floor area of around 8,013 sq ft.

They are also zoned “commercial” under the Master Plan 2014, and will not have additional buyer’s stamp duty and seller’s stamp duty. Foreigners and companies are also eligible to purchase the properties.

Currently, the island block of the shophouses are fully tenanted, with food and beverage outlets on the ground floor and offices or additional dining areas on the upper floors.

Mary Sai, Knight Frank Singapore executive director of investment and capital markets, said this is a “rare opportunity” for buyers to acquire a block of five adjoining shophouses in Kampong Glam as transactions in the vicinity are often of smaller scale. Examples include a single shophouse unit with a land area of 700 to 1,500 sq ft at Bali Lane or Bussorah Street.

Moreover, the combined large floor plate of the five adjoining shophouses also allows for flexibility in space reconfiguration for the new owner – be it for owner-occupation or investment.

“As such, the owners are expecting a healthy interest from both investors and corporate entities in acquiring the freehold commercial asset,” Ms Sai added.

The sale is subject to existing tenancies, with the public tender closing on Oct 24 at 3pm.

The Business Times, 18 Sep 2019

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