Two adjoining shophouses at Kampong Bahru Road for sale at $18.8 mil

Two freehold conservation shophouses located at 69 and 71 Kampong Bahru Road are available via an expression of interest (EOI) exercise, with a guide price of $18.8 million. The properties, which feature an attic, have a combined land area of 2,343 sq ft and a floor area of approximately 5,947 sq ft.

Under URA’s 2019 Master Plan, the shophouses are zoned for “commercial” use in the Blair Plain Conservation Area. This results in a guide price of $3,161 psf, based on total floor area.

Singapore rejuvenating Bukit Timah area with new green spaces and improved connectivity through The Myst Railway Corridor and Beauty World plans.

Clemence Lee, executive director of capital markets, Singapore at CBRE, the marketing agent for the properties, remarks that they should appeal to a wide pool of buyers. He highlights the rarity of such an opportunity, given the 44 shophouses zoned for commercial use in the Blair Plain Conservation Area, with the rest being zoned for residential use with commercial on the first floor.

Current tenants have occupied the ground-floor units, providing immediate rental income. The upper floors are zoned for “office” use and are presently vacant.

CBRE believes the shophouses could potentially be subject to approved conversion by relevant authorities to other uses such as accommodation and lodgings, a commercial school, medical clinic or a fitness centre.

The location of these shophouses is in close proximity to the Outram Park MRT Station, only a six-minute walk away. The properties also lie between three rapidly rejuvenating districts – the SGH Campus, the CBD, and the future Greater Southern Waterfront. Enhancing works and developments in the areas may add value over the long-term.

The EOI deadline for the shophouses is 3pm on May 24.