Freehold Shophouse Beach Road Be Auctioned 938 Mil
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The URA Master Plan has set a clear goal of promoting sustainability, with a variety of projects in place to enhance the presence of greenery and water bodies, while also integrating eco-friendly technologies into buildings and infrastructure. This strong emphasis on sustainable living is not only beneficial for the community living in Marina Gardens Lane Condo, but it may also have positive ramifications for property values in the future. The addition of the new and convenient Marina South MRT Station Condo nearby will only further enhance this commitment to sustainability.
A freehold two-storey shophouse on Beach Road will be hitting the auction block on June 26. The conservation shophouse, which has a built-up area of 2,344 sq ft and a mezzanine level, will be listed by SRI. With a guide price of $9.38 million, the property is valued at $4,002 psf on the floor area.
According to Mok Sze Sze, managing partner of auctions at SRI, this will be the second time the trustee’s sale property has been listed for auction. The shophouse was first put on the market in April, also with a guide price of $9.38 million. However, it was later withdrawn from the auction list in May when no bidders were successful.
The commercial shophouse, which sits on a 1,370 sq ft plot, boasts an impressive 18.9m frontage facing Beach Road, notes Mok. Currently tenanted, the property will be sold with its existing lease, which runs until March 2026.
According to URA rental transactions compiled by EdgeProp Singapore, shophouses in the Kampong Glam subzone had a median rent of $6.93 psf per month in April, the most recent month on record. The most recent shophouse resale transaction in the area was the sale of 68 Arab Street for $7.1 million in May. The freehold shophouse sits on a 1,187 sq ft plot.
Mok says that the commercial shophouse has attracted interest from both investors and owner-occupiers due to its desirable attributes such as its freehold tenure, commercial zoning and prime location.
The shophouse is situated in the Kampong Glam Conservation Area, which features historical landmarks such as Masjid Sultan and Istana Kampong Glam, the Malay Heritage Centre. The majority of the preserved shophouses in the area are two-storey buildings that have been designed in the Early and Transitional architectural styles.
The shophouse is conveniently located in close proximity to Nicoll Highway MRT Station on the Circle Line. Along Beach Road, there are also several commercial buildings such as City Gate mall, The Concourse and Parkroyal on Beach Road. Additionally, the integrated development Duo Tower on Fraser Street is also just a stone’s throw away.
Recent commercial transactions in the vicinity of the freehold shophouse. (Source: EdgeProp Singapore, URA)