Singapore, 7 February 2017 - CBRE is pleased to launch the Expression of Interest sale of 17, 19, 21, 23 and 25 Baghdad Street, a row of five contiguous prime conservation shophouses, situated in the heart of Kampong Glam Conservation Area/Ophir-Rochor Corridor.
The five combined shophouses have a total land area of approximately 4,892 square feet and comes with a total floor area of approximately 7,137 square feet. The site is zoned for full “Commercial” under the 2014 Master Plan, within the Kampong Glam Conservation Area.
The Property is flanked by the bustling arts, culture, learning and entertainment precinct of the historic district of Kampong Glam Conservation Area and is on the fringe of the new growth area of Ophir-Rochor Corridor that feeds into Marina Centre and the existing financial districts at Raffles Place and Marina Bay.
Landmark integrated developments including South Beach, the upcoming DUO and City Gate (former Keypoint) are located in close proximity. These developments consist of a vibrant mix of residential, commercial, office and/or hotel components, which will contribute to the already voluminous pedestrian traffic flow from these major thoroughfares.
Sammi Lim, Director, Investment Properties, CBRE, “Shophouses in the Kampong Glam Historic District have always been tightly held and the opportunities for purchase are extremely rare. The property enjoys the added bonus of five connecting standalone shophouses with excellent road frontage and with F&B approvals already in place. The shophouses also provide the buyer with extra flexibility and creativity to configure the space to suit their own-use requirements or cater to the action point for buyers. The adjoining shophouses also provide the buyer with extra flexibility and creativity to configure the space to suit their own-use requirements or cater to the needs of tenants.
We have observed an increased level of demand from buyers seeking to purchase shophouses located on the CBD fringe. The wave of developments to the Ophir-Rochor Corrido has reinforced its position as the next hotspot, stoking a fair amount of interest from buyers. The Property will certainly benefit from the continued rejuvenation of Ophir-Rochor Corridor, especially with the completion of DUO – a landmark integrated development comprising premium residences, Grade-A office spaces, retail gallery and a 5-star hotel, located within close proximity from the Property. Savvy investors with a medium to long term investment horizon will want to tap into its strong potential for future rental and capital value growth, aligned with the transformation of the Ophir-Rochor Corridor.
We also expect the sale to garner interest from owner-occupiers looking to purchase their own boutique building. Other possibilities of use include; retail outlets, F&B establishments, creative outfits, showrooms, education and healthcare centre. The property is currently fully tenanted which the buyer can enjoy the security of an immediate rental income.“
As a full commercial zoned property, this purchase is open to both local and foreign buyers, and with no additional buyers’ stamp duty (ABSD) or sellers’ stamp duty (SSD).
CBRE is the sole marketing agent for this Expression of Interest Exercise.
The Expression of Interest closes on 21 March 2017, Tuesday at 3 pm.
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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.
