Freehold Telok Ayer Street conservation shophouse hits the market at $23.76 mil
Its sub-$25 million investment quantum, full occupancy and central location may attract corporate investors, family offices and high-net-worth individuals seeking District 1 commercial assets.
The freehold conservation shophouse at 171 Telok Ayer Street is offered at $23.76 million, or about $5,700 psf, through an EOI closing Nov 25.
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A freehold conservation shophouse at 171 Telok Ayer Street in Chinatown has been launched for sale through an expression of interest (EOI) exercise. The three-storey property with a mezzanine has an indicative price of $23.76 million, or about $5,700 psf on its estimated total floor area of 4,168 sq ft.
The shophouse occupies a 1,390 sq ft commercial plot in the Telok Ayer Conservation Area in District 1. It is currently fully occupied, with an F&B operator on the ground floor and office occupiers on the upper floors, according to CBRE, which is handling the sale.
The property has regular and efficient floor plates that can accommodate a wide variety of businesses. The upper floors could potentially be converted to alternative uses such as restaurants, wellness facilities or serviced apartments, subject to approval from the relevant authorities, CBRE adds.
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Telok Ayer Street is a large thoroughfare stretching from Market Street in Raffles Place to Anson Road in Tanjong Pagar. In Chinatown, shophouses line the road, largely tenanted by a mix of eateries, retail shops and offices.
Clemence Lee, CBRE’s executive director of capital markets for Singapore, noted that freehold and 999-year conservation shophouses in Districts 1 and 2, including properties along Circular Road, Keong Saik Road and Stanley Street, have transacted at prices between $16 million and $22 million, or between $5.000 and $6,800 psf, over the last six months.
“Given the 171 Telok Ayer Street’s palatable investment quantum of under $25 million, we expect it to draw strong interest from a wide pool of investors, including corporate investors, family offices and high-net-worth individuals,” he added.
The property is within walking distance of four MRT stations: Telok Ayer (Downtown Line), Tanjong Pagar (East-West Line), Shenton Way and Maxwell (Thomson-East Coast Line).
The EOI exercise will close at 3pm on Nov 25.
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