Read more Will co-dwelling continue to exist in Singapore’s rapid-changing condo market?

Will co-dwelling continue to exist in Singapore’s rapid-changing condo market

A five-storey business shophouse on 32 Hongkong Street was established available by expression of interest (EOI), only advertising agent PropNex Realty stated on Friday.

Its manual cost stands at $9.8 million, excluding the premium prices for rental renewal.

This works out to $1,290 per square foot, according to a entire floor area of approximately 7,600 square feet (sq feet ).

The shophouse includes a elevator instaled. It sits in an envelope controller website boasting roughly 1,717 sq feet, with a property tenure of 99 years from Jan 1, 1942.

Envelope control websites are empty buildings and lands situated within Conservation Areas in Singapore, but aren’t advised for conservation. They may be redeveloped topic to government guidelines.

Calling the land a rare find, PropNex Realty senior partner marketing manager Adnic Lee pointed to the lack of shophouses inside the central business district, especially those who have envelope control.

It’s a one-minute walk into Clarke Quay MRT station in addition to a nine-minute walk into Central Mall and Raffles Place MRT interchange channel.

Mr Lee said that 32 Hongkong Street could suit family offices looking for a prime place to design and construct their own assumptions, or investors who may redevelop and improve the value of their property.

“It’s also a fantastic construction to get an owner-occupier with strategies to reconstruct the house in a subsequent timing,” he added.

Mr Lee suggested the shophouse may be leased for an assortment of transaction applications, like for a workplace, retail, restaurant or health club, subject to consent from the government.

“Such a wide variety of commercial use chances opens (the land ) up to a broader pool of possible tenants seeking to operate inside the bustling Clarke Quay/Boat Quay region,” he mentioned.

This usually means both Singaporeans and foreigners are entitled to have the property.

Added purchaser’s postage duty and vendor’s stamp duty aren’t applicable.

It’ll be offered with vacant possession. The previous tenant placed at the property has been an investment management company, The Business Times knows.