Singapore, June 12, 2019 – CBRE is pleased to launch the sale of two freehold commercial shophouses, separately located at 148 Neil Road and 114 Jalan Besar, via Expression of Interest. Under the 2019 Draft Master Plan, both properties are zoned ‘Commercial’ and there will be no Additional Buyers’ Stamp Duty or Sellers’ Stamp Duty imposed on local or foreign buyers.
Interested buyers are welcome to do either a bundle or a single asset purchase.
148 Neil Road
148 Neil Road is a two-storey shophouse that also comprises a basement and an attic level. Strategically nestled within the Chinatown Bukit Pasoh Conservation Area, the property sits on a freehold site of approximately 1,587 square feet and has a total built-up area of approximately 4,197 square feet.
148 Neil Road is easily accessible by the nearby Outram Park MRT Interchange station and enjoys a large catchment from the commercial and residential developments including The [email protected] and the future Chinatown Plaza. Once an area known for the myriad of clans and association buildings, many of which such as the Ee Hoe Hean Club are still around, the vicinity has transformed into a vibrant F&B and lifestyle destination characterized by rows of conservation shophouses that attract an eclectic mix of tenants old and new, and housing restaurants and boutique hotels.
114 Jalan Besar
114 Jalan Besar Road is a two-storey commercial shophouse which has obtained permanent F&B approval for the ground floor. It occupies a land area of approximately 1,173 square feet and has a built-up area of approximately 1,901 square feet. Having recently undergone asset refurbishment works such as installation of brand-new M&E and air-conditioning system, the shophouse is completely transformed with refreshed building interiors while retaining the unique charm of a conservation shophouse.
As one of Singapore’s designated Conservation areas, Jalan Besar is home to a mix of old trades and new small commercial businesses, hotels as well as numerous eateries, markets and shopping malls that are frequented by both locals and foreigners.
Yap Hui Yee (叶慧宜), Associate Director of Capital Markets at CBRE said, “According to the Urban Redevelopment Authority, there are only about 7,000 shophouses under conservation in Singapore. The sale of these two conservation shophouses present a rare opportunity for interested parties looking to own assets that are also a piece of national heritage.”
Ms Yap continued, “To be sold on vacant possession, the shophouses will appeal to end-user occupiers seeking such property type as their business premises as they can immediately take over the space. Both shophouses enjoy prominent road frontages, which are important considerations for businesses. Interest is also expected from both local and foreign investors who are actively on the lookout for commercial shophouses with unique architecture that exude heritage charm for capital appreciation in the medium to long term.”
CBRE is the exclusive marketing agent for both properties. The Expression of Interest closes on 18 July 2019 at 3pm.
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About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), 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 2019 revenue). The company has more than 100,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 530 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.