Three Adjoining 999-Year Tenure Prime Refurbished Shophouses With Lift For Sale Via Public Tender
Singapore, 27 September 2016 – CBRE is pleased to launch the Public Tender sale of 77 to 80 Amoy Street, a row of 3 contiguous prime 3-storey with attic conservation shophouses in the heart of CBD at a guide price of $64.3 million or $2,700 per square foot over the gross floor area.
77 / 78 / 79 / 80 Amoy Street has a combined land area of approximately 8,182 square feet, with total current gross floor area at approximately 23,814 square feet, and comes with a 999-year land tenure. The site is zoned for commercial usage under the Chinatown (Telok Ayer) Conservation Area in the 2014 Master Plan. The shophouses enjoy about 20 metres of prominent street frontage with high visibility.
77 to 80 Amoy Street is strategically located within a 2 minute walk to both Tanjong Pagar and Telok Ayer MRT Stations. Landmarks nearby include upcoming major integrated landmark developments such as Tanjong Pagar Centre, Guoco Tower and Frasers Tower, as well as Ann Siang Hill Park. The row of continguous shop houses gives investors a high level of flexibility in using the space.
Sammi Lim, Director, Investment Properties, CBRE said, “With the flurry of sales activity in the shophouse market over the past few months, it is timely to re-launch the sale of this Property to give buyers another opportunity. Recent shophouse transactions at Pagoda Street, Ann Siang Hill, Erskine Road and Boat Quay recorded a range of $3,139 to $3,703 per square foot. 4 units of shophouses at 44/45/46/49 Amoy Street were launched at $3,300 to $3,350 psf. The guide price for this row of Amoy Street shophouses at $64.3 million or $2,700 per square foot over the gross floor area is certainly very attractive in comparison. The current guide price has also been reduced from the last sale exercise of $66.8 million about one and a half years back.
“This competitive pricing should make any savvy investor sit up. We expect buyers who have been waiting at the sidelines to now come forward and evaluate this purchase seriously. At this attractive price level, this sale is probably one of the most compelling purchase options currently in the market, In addition, investors will benefit from the immediate rental income from the Property which currently enjoys full occupancy.”
The adjoining shophouses provide buyers with the extra flexibility and creativity to configure the space to suit their own-use requirements or cater to the needs of tenants. Discerning buyers now evaluate shophouses in totality, considering a variety of factors which include location, distinctive façade, quality, historical value, tenant mix, etc. Buyers are now more accepting of lower entry yields, especially if the shophouses are located in prime and popular locations or those with a strong tenant profile. Most take a mid to long-term vision on the purchase and anticipate rents and capital to appreciate.
Amoy will benefit from the continued rejuvenation of Tanjong Pagar, especially with the completion of the Tanjong Pagar Centre and Frasers Tower. These two iconic developments position Tanjong Pagar as a premier quality business and lifestyle district in the CBD differentiated by the richness of the historical district, park and landscape spaces.”
As a commercial property, this public tender is open to both local and foreigners with no additional buyers’ stamp duty (ABSD) or sellers’ stamp duty (SSD) imposed on the purchase of the property.
CBRE is the sole marketing agent for this Public Tender Exercise.
The tender closes on 26 October 2016, Wednesday at 3 pm.
Neither CBRE nor its affiliated companies make any warranties or claims on the implied accuracy of the information contained herein.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world's largest commercial real estate services and investment firm (based on 2016 revenue). The company has more than 75,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.