Adjoining pair of shophouses on Hongkong Street for sale at $42 mil
Their amalgamation and accommodation potential, following relaxed planning restrictions, could attract hospitality investors seeking redevelopment opportunities within the Upper Circular Road precinct.
Adjoining shophouses at 18 and 19 Hongkong Street were offered individually or collectively for a combined $42 million through an EOI closing August 25.
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An expression of interest (EOI) exercise has been launched for a pair of shophouses located at 18 and 19 Hongkong Street. The adjoining commercial properties are available for sale individually or collectively, according to Knight Frank Singapore, the appointed marketing agent. The units have a combined asking price of $42 million.
The property at 18 Hongkong Street is a four-storey shophouse occupying approximately 1,884 sq ft of land, with an existing gross floor area (GFA) of about 5,074 sq ft. The property, which is currently approved for hostel use, has a guide price of $14.5 million, or $2,858 psf on its GFA.
The shophouse at 19 Hongkong Street is also a four-storey commercial property, albeit with a six-storey rear extension. Sitting on a land area of around 1,792 sq ft, it has a total floor area of about 8,842 sq ft. The shophouse has a guide price of $27.5 million, or $3,111 psf on the floor area.
Read also: Hotel Clover at Hongkong St on sale for $27 mil; Hongkong St commercial building priced from $22.6 mil
The property at 19 Hongkong Street has undergone a $7 million asset enhancement initiative (AEI) that was completed in 2015. The AEI included building upgrades, the installation of a passenger lift, and the creation of a private car park lot. In addition, the shophouse’s lease was topped up to a fresh 99-year tenure, adds Knight Frank.
Together, the shophouses at 18 and 19 Hongkong Street have a land area of 3,676 sq ft. Given the site’s maximum permissible plot ratio of 4.2, it can potentially yield GFA totalling 15,703 sq ft — higher than the shophouses’ existing floor area, which totals 13,916 sq ft.
The two shophouses could potentially be amalgamated and transformed into a larger-scale accommodation, subject to the relevant authorities' approvals, notes Dayna Ang, senior manager at Knight Frank Singapore.
This follows URA’s recent planning revisions for select sites within the Upper Circular Road precinct. On June 5, URA lifted restrictions on new short-term accommodations in the Upper Circular Road and Beach Road areas, paving the way for the potential introduction of new hotels, backpackers’ hostels and serviced apartments. The lifting of the restrictions will last until May 2028.
The EOI will close at 3pm on Aug 25.