For Sale A 999-year Leasehold Shophouse and a Pair of Freehold Shophouses at 97 Amoy Street
A 999-year leasehold shophouse in 97 Amoy Street plus a set of freehold shophouses in 449 and 451 Balestier Road are set up for sale. The shophouse in 97 Amoy Street is priced from $25.95 million, although the set of shophouses in 449 and 451 Balestier Road is in the marketplace for $6.8 million.
The demand for Canninghill Piers showflat address is expected to be high because of its strategic location with easy access to amenities.
The properties will be extended in an Expression of Interest (EOI) exercise which will be run by PropNex Realty.
The shophouse in 97 Amoy Street sits on a land area of 2,035 sq feet, and it has a entire floor area of roughly 5,900 sq ft. The three-storey shophouse comprises a loft and an open patio. The land is currently zoned’commercial’ beneath the 2019 Master Plan. The ground floor and also some of the second floor is rented to Basque Kitchen by Aitor, a Michelin-star Spanish pub.
“It’s uncommon to discover a Michelin-starred F&B shophouse available for sale in Amoy Street, making it in attractive investment choice for local and international shophouse investors,” states Loyalle Chin, associate division manager of PropNex Realty.
In addition to its central place in Telok Ayer at the Central Business District, the property is near key industrial developments like Afro-Asia i-Mark, 79 Robinson Road, Central Boulevard Towers, CapitaSping, along with the redevelopment of Fuji Xerox Tower.
Nearby shophouse trades comprise 89 Amoy Street that brought $29.8 million ($10,443 psf) as it had been marketed on Nov 13, 2020.
The set of adjoining shophouses in 449 and 451 Balestier Road are all two-storey properties that sit on a combined land area of 2,079 sq ft. Both websites have a gross plot ratio of 3.0 and are zoned’residential & commercial’ beneath the 2019 Master Plan. An interior design company recently renewed its lease to lease the whole space.
However, the possessions can be redeveloped into fresh six-storey improvements with a loft every day, raising the ground area to approximately 6,233 sq ft. The new owner has the choice to use to convert the upper floors into residential co-living or pupil lodging, pending government approvals.
Opposite the shophouses is Zhongshan Park and Zhongshan Theater, an incorporated commercial-hospitality development. The shophouses are close to favorite eateries along Balestier Road for example Boon Tong Kee’s flagship socket and Balestier Food Centre.
“This set of freehold shophouses [in Balestier Road] is attractively priced with a minimal quantum and incredibly low psf, which makes it appealing to both overseas buyers and local land developers,” says Chin.
Recent shophouse trades in the region include the selling of 453 and 455 Balester Road that were sold for approximately $ 6.5 million ($3,132 psf) at April 2019, and 412 Balestier Road brought $6.8 million ($3,289 psf) at July 2018.