Hongkong Street shophouse is up for sale for $28 million

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A freehold shophouse on 13 Hongkong Street in the CBD is available for sale through an expression of Interest (EOI) procedure. The property is offered at a cost of $28 million which is equivalent to $4,623 per square foot in based on estimates of the gross floor area (GFA) that is 605 square feet.

The shophouse in the middle is a newly renovated property with an outdoor terrace. It is situated on a parcel of about 1,833 sq ft that is zoned for commercial use, with an area ratio of 4.2 which means this property is untapped with a GFA size of 1,600 sq feet.

“This is sure to appeal to owners and investors who are seeking a premium commercial asset in one Singapore’s most sought-after districts,” says Joshua Giam the executive director, capital market Singapore at CBRE who is marketing the property along with PropNex.

“The owner who is coming in can consider various value-added angles like making use of the gross floor space, possible arrangements to accommodate different needs like F&B hostels, F&B and serviced apartments, among others subject to the approval of appropriate authority,” he adds.

The property is just a few minutes from Clarke Quay and Raffles Place MRT Stations. The nearby landmarks are Clarke Quay Central which is an integrated development along with One George Street, a Grade-A office structure that is situated approximately 200m away from 13 Hongkong Street.

Richard Tan, director of PropNex Shophouse Elites Singapore, says that the huge population of workers in the area creates the property perfect for investors looking to profit from an impressive rental upside as well as capital appreciation. “We have seen a strong interest from families offices as well as wealthy individuals seeking freehold commercial properties within Singapore’s CBD,” he adds.

The EOI submission deadline is on May 9th at 12 noon.