Townshend Road shophouse cluster up for sale at $60 mil
Full occupancy, commercial zoning and completed enhancements may support investor interest in the Jalan Besar shophouse segment, although the $60 million quantum could narrow the buyer pool.
Three amalgamated freehold shophouses at 5, 7 and 9 Townshend Road were launched for sale by EOI at $60 million, equivalent to $3,681 psf built-up.
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Three freehold shophouses located at 5,7 and 9 Townshend Road have been launched for sale by expression of interest (EOI) with an indicative price of $60 million.
Located at the junction of Townshend Road and Maude Road in the Jalan Besar precinct, the adjoining shophouses have been combined into a single commercial asset, says Colliers, which is marketing the properties.
The asset is understood to be owned by Singapore real estate investment firm Clifton Partners. According to the firm's website, it comprises a corner trio of shophouses with a five-storey rear extension. Zoned for commercial use, the properties occupy a land area of 4,673 sq ft and have a built-up area of 16,298 sq ft.
Read also: Jalan Besar commercial conservation shophouse up for sale at $9.8 mil
Based on the built-up area, the indicative price works out to $3,681 psf.
The shophouses were amalgamated as part of a three-year enhancement programme carried out by the owner, says Colliers. This included the addition of the rear extension; new floor and wall finishes; and enhancements to lighting, air-conditioning, plumbing and pantry facilities. The rear extension also has a lift.
The property is fully occupied. The ground floor, which has restaurant approval, is tenanted by Lion City Chicken Rice and Hotpot, while other tenants in the building include fitness and office operators.
The Lavender and Jalan Besar MRT Stations are roughly within 10-minutes’ walk.
Earlier this year, Clifton Partners had put a refurbished 999-year conservation shophouse on Circular Road on the market for $28 million in March. The month before, it launched two shophouses on South Bridge Road for sale. No guide price was disclosed for the properties.
The EOI will close at 3pm on Oct 29.
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