A 999-year leasehold conservation shophouse located at 20 Liang Seah Street has been put up for sale with an asking price of $15 million. The property, which is being marketed exclusively by SRI Capital Market, will be sold through an expression of interest (EOI) exercise.
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Situated on a 1,129 sq ft plot in a prime location, the three-storey intermediate shophouse boasts a built-up area of 2,635 sq ft and is zoned for both residential and commercial use with a gross plot ratio of 4.2 under the latest Master Plan. This translates to a guide price of $2,635 per square foot.
Previously approved for restaurant use on the ground and second floors, the top floor is currently leased out for residential purposes. The property is located within the Beach Road secondary settlement conservation area, and potential extensions of up to five storeys may be possible with the relevant approvals in place.
According to Low Choon Sin, managing partner of SRI Capital Market, the property presents an excellent opportunity for end-users in the F&B or corporate office sectors, who can also utilize the third-floor residential space to accommodate staff. He also highlights its prominent location along Liang Seah Street, a bustling thoroughfare with high vehicle traffic throughout the day. The shophouse is also conveniently located near numerous restaurants and shops in the Bugis area.
Investors looking to capitalize on the rejuvenation of Bugis can benefit from the potential of the 999-year leasehold property, says Low. He points out the completion of nearby developments such as Guoco Midtown and the upcoming Shaw Towers, which will add to the vibrancy of the area.
The EOI exercise for the sale of 20 Liang Seah Street will close on April 10.