logo redirect pin user minus plus fax mobile-phone office-phone data envelope globe outlook retail close line-arrow-down solid-triangle-down facebook globe2 google hamburger line-arrow-left solid-triangle-left linkedin wechat play-btn line-arrow-right arrow-right solid-triangle-right search twitter line-arrow-up solid-triangle-up calendar globe-americas globe-apac globe-emea external-link music picture paper pictures play gallery download rss-feed vcard account-loading collection external-link2 internal-link share-link icon-close2
Singapore
  • Global
  • United States
  • Angola
  • Argentina
  • Australia
  • Austria
  • Bahrain
  • Baltics
  • Belgium
  • Brazil
  • Bulgaria
  • Cambodia
  • Canada
  • Chile
  • Colombia
  • Czech Republic
  • Denmark
  • Egypt
  • Finland
  • France
  • Germany
  • Greece
  • Hong Kong
  • Hungary
  • India
  • Indonesia
  • Ireland
  • Israel
  • Italy
  • Japan
  • Jordan
  • Kazakhstan
  • Kenya
  • Korea
  • Kuwait
  • Latin America
  • Luxembourg
  • Mainland China
  • Malaysia
  • Mexico
  • Morocco
  • Netherlands
  • New Zealand
  • Norway
  • Oman
  • Pakistan
  • Panama
  • Peru
  • Philippines
  • Poland
  • Portugal
  • Romania
  • Russia
  • Saudi Arabia
  • Singapore
  • Slovakia
  • South Eastern Europe
  • Spain
  • Sweden
  • Switzerland
  • Taiwan
  • Thailand
  • Turkey
  • Ukraine
  • United Arab Emirates
  • United Kingdom
  • Venezuela
  • Vietnam
+65 6224 8181
Log In
  • Global Intranet
  • myCBRE
  • Services
    • Business Lines
      • Advisory & Transaction Services
      • Capital Markets
      • Global Workplace Solutions
      • Investment Management (CBRE Global Investors)
      • Property Management
      • Valuation & Advisory Services
    • Industries & Specialties
      • Office
      • Retail
      • Industrial & Logistics
      • Data Centres
      • Hotels
      • Japan Desk
      • Residential
      • Sustainability
      • Flexible Workspace
    • Services for Investors
      • Capital Advisors
      • Consulting
      • Host
      • Investment Accounting & Reporting Solutions
      • Leasing & Advisory
      • Project Finance
      • Property Management
    • Services for Occupiers
      • Enterprise Facilities Management
      • Host
      • Leasing & Advisory
      • Occupier Consulting
      • Portfolio Services
      • Project Management
      • Project Finance
      • Transaction Management
      • Workplace
  • Properties
    • Office
      Retail
      Industrial
      Flexible Office
      Residential
      Shophouse
      Hospitality
  • Research & Reports
    • About Research
      Singapore Research Archives
      South East Asia Research
      Asia Pacific Research
      Global Research Gateway
      Global Research Gateway Support
  • People & Offices
  • About CBRE
    • Careers
      Client Tools
      Corporate Information
      Corporate Responsibility
      Case Studies
      Investor Relations
      Media Centre
      Asia Media Centre
      Expert Opinions
      CBRE 60 Anniversary

Next

A 999-Year Two-storey CBD Shophouse Opposite Telok Ayer MRT Station for Sale
  • A Pair of Freehold Three-storey Commercial Conservation Shophouses Opposite Outram Park MRT Interchange Exit H Up for Sale

A Pair of Freehold Three-storey Commercial Conservation Shophouses Opposite Outram Park MRT Interchange Exit H Up for Sale

Singapore | January 13, 2021
  • Email
  • Share
  • Tweet
  • Share

At an Attractive Asking Price of S$2,980 Per Square Foot Compared to Other Similar Shophouse Launches in the Vicinity

Singapore, 13 January 2021
– CBRE is launching for sale a pair of freehold three-storey commercial conservation shophouses located at 13 & 15 Teo Hong Road, strategically facing Outram Park MRT Interchange Exit H.

The sole marketing agent for 13 & 15 Teo Hong Road, CBRE is conducting the sale via an Expression of Interest exercise. Interested parties are invited to submit their offers to CBRE by 9 February 2021 at 3pm.

Enjoying a prominent frontage of approximately 11.6 meters along Teo Hong Road, the pair of freehold heritage shophouses occupies a land area of 3,476 square feet. According to URA Masterplan 2019, the shophouses are zoned for “Commercial” use under the Chinatown Historical District (Bukit Pasoh) Conservation Area, an area which exudes a nostalgic architectural and historical charm.

An in-principal approval from the authorities to conduct Additions and Alterations (A&A) works on the property has been obtained. Part of the A&A works include the construction of an open terrace on the second floor and an attic above the third level, with the former overlooking the greenery at the park located behind the property.

Upon completion of the A&A works, the total floor area of the subject property will be approximately 11,070 square feet.

Currently, the shophouses boast of excellent specifications such as a regular and column-free layout and a ceiling height of above 4 meters on the ground floor. In the day, the shophouses enjoy natural lighting which can reach far into the interior spaces due to the high ceiling and windows at the front and back of the property.

The guide price for 13 & 15 Teo Hong Road is S$33 million, which works out to approximately S$2,980 per square foot on the estimated floor area of 11,070 square feet.

Mr Clemence Lee (利伟强), Senior Director, Capital Markets at CBRE Singapore says, “Adjoining freehold shophouses in the CBD, especially those of 13 & 15 Teo Hong Road which are conveniently located just across an MRT exit, are typically tightly held and rarely available for sale. We believe that the asking price of S$2,980 per square foot will entice astute investors if they were to compare it to similar properties which were launched for sale in the vicinity.”

In November 2020, 6 Bukit Pasoh Road was marketed at an asking price of S$3,750 per square foot, while 44 & 46 Bukit Pasoh Road were asking for S$3,473 per square foot.

Meanwhile, demand for 999-year/freehold shophouses has been strong over the past months. Some recent transactions include 151 Telok Ayer Street which was transacted in December 2020 at S$13.5 million (S$4,225 per square foot on gross floor area), 198 South Bridge Road was transacted in December 2020 at S$27 million (S$4,316 per square foot on gross floor area), 89 Amoy Street in November 2020 at S$29.8 million (S$4,005 per square foot on gross floor area) and 77 Amoy Street in October 2020 at S$29.8 million (S$3,916 per square foot on gross floor area).

Mr Lee continues, “To be sold with vacant possession, 13 & 15 Teo Hong Road is akin to a blank canvas, allowing the successful buyer to immediately conduct A&A works to curate an iconic flagship building which is tailored to their needs. Coupled with the flexibility of having multiple potential uses such as F&B, retail, office, serviced apartments or hotel1, we are optimistic that the subject property will appeal to a wide pool of buyers such as boutique real estate funds, family offices, high net worth individuals and corporates who are seeking to capitalize on the vibrant yet understated F&B and lifestyle scene in the Bukit Pasoh / Keong Saik area.”

The Bukit Pasoh / Keong Saik area has evolved into a trendy F&B and lifestyle enclave which is home to an eclectic mix of fancy boutique hotels such as KēSa House and Hotel 1929, as well as designer restaurants such as OSO Ristorante, Restaurant Ember and Burnt Ends. The locale also houses popular cafes including Potato Head Folk, The Lokal, Humpback and Luxe Sydney, trendy cocktail bars such as Gibson Cocktail Bar and The Library Bar, as well as The Working Capitol, which offers collaborative work spaces. Ee Hoe Hean Club, one of Singapore's oldest millionaires' clubs and Straits Clan, a by-invitation-only private members club, are also in the vicinity.

In addition to the proximity to Outram Park MRT station, the subject property is easily accessible by major arterial roads and expressways including New Bridge Road, Cantonment Road, Central Expressway and Marina Coastal Expressway.

1 Subject to approval from relevant authorities.

13  15 Teo Hong Road Photo CreditCBRE

END


Follow us on Twitter: @cbresingapore
And on LinkedIn: company/cbre-asia-pacific

Disclaimer:

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: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 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.

Media Contacts

liching
Li Ching Seah
Associate Director
Singapore
Marketing & Communications
+65 6326 1209
  • Corporate Information
  • Corporate Responsibility
  • Media Centre
  • About CBRE
  • Careers
  • People & Offices
  • Investor Relations
  • Contact Us
  • Global Web Privacy and Cookie Policy
  • Singapore Privacy Policy
  • Sitemap
  • Disclaimer
  • Terms of Use
  • LinkedIn
  • Twitter
  • Youtube
  • Facebook
  • Instagram