Centrally located between Clarke Quay and Boat Quay, against a backdrop of modern skyscrappers, the area is an up-and-coming work-play lifestyle destination well-frequented by locals and tourists alike. The strip of shophouses offers an eclectic mix of commercial, entertainment, cultural and lifestyle attractions with ready catchment of customers and voluminous traffic flow from the CBD. The property also enjoys excellent accessibility being a short stroll from Raffles Place financial district and a mere 180 metres away from Clarke Quay MRT station.
Sammi Lim (林妍孜), Director, Capital Markets, CBRE said “Given the recent interest in commercial shophouses, we expect the property to attract strong interest from the market. Shophouses in Boat Quay with excellent street frontage are limited, especially those with 999-year tenure. We expect interest from property funds, private equity, contractor-developers, family offices and high net-worth individuals, both local and overseas, who are seeking quality assets to which they can add value for capital and rental appreciation. With naming rights, this property is also ideal as corporate offices for law firms, architectural firms, tech and creative outfits; as well as hotel or hostel operations and family businesses.”
Ms Lim added, “Following CBRE’s recent successful sale of 9 Hongkong Street, a 99-year conservation shophouse at $2,513 per square foot over the gross floor area, we have observed strong interest in compelling shophouse opportunities in the vicinities of Boat Quay and Circular Road due to the area’s vibrancy, making it the next investment hotspot with strong growth potential. Recent shophouse transactions in the immediate vicinity such as the portfolio of shophouses comprising of 61, 77 Boat Quay, 17, 45, 46 Circular Road and 52 Boat Quay recorded a price range of $3,150 to $3,388 per square foot. The guide price for this property, at $13.8 million or $2,960 per square foot over the gross floor area is certainly attractive.”
As a commercial property, this public tender is open to both locals and foreigners with no Additional Buyer’s Stamp Duty (ABSD) imposed on the purchase of the property.
CBRE is the sole marketing agent for this Public Tender exercise which closes on 19 October 2018, Friday at 3 pm.
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About CBRE Group, Inc.
CBRE Group, Inc. (NYSE: CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2020 revenue). The company has more than 100,000 employees serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of 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 https://www.cbre.com.