Charming 3-storey shophouse with 6-storey rear extension along Hongkong Street up for sale via Expression of Interest

Singapore, 21 February 2024 – CBRE, as the exclusive marketing agent, is offering for sale 45 Hongkong Street, a 3-storey shophouse with 6-storey rear extension. The property is located in the heart of the coveted Boat Quay precinct within the prestigious District 1.

45 Hongkong Street sits on a land area of approximately 1,659 square feet and has a total floor area of approximately 7,391 sq ft*. Well-refurbished with modern interiors and specifications, the shophouse features regular and efficient floor plates, practical floor-to-ceiling heights, and a passenger lift that serves all floors. The ground floor unit holds a rare permanent restaurant approval and is currently leased to a Japanese izakaya, the second floor is occupied by a hair salon, while the upper floors are used as offices. Under the URA Master Plan 2019, the site is zoned for “Commercial” use with a Gross Plot Ratio of 4.2 under the Upper Circular Conservation Area.

The indicative guide price for 45 Hongkong Street is S$23.65 million, which works out to about $3,200 per square foot on its total floor area. As this is a commercial property, foreigners are eligible to purchase and there will be no Additional Buyer's Stamp Duty (ABSD) or Seller's Stamp Duty (SSD) imposed on the property transaction.



Mr Clemence Lee (利伟强), Executive Director of Capital Markets, Singapore at CBRE says, “45 Hongkong Street presents an exceptional opportunity to acquire a charming shophouse in prime District 1 that will especially appeal to investors looking for stable income-generating heritage assets. The property holds a relatively long remaining land tenure of around 84 years, making it more attractive as compared to most other 99-year leasehold shophouses that typically have only around 70 years or less remaining on their land tenures. Additionally, given previous extensive refurbishment works done and with the property well maintained, future capital expenditure requirements can be kept minimal for the incoming owner.”

The Boat Quay precinct is one of the most popular lifestyle enclaves in Singapore given its strategic location that places it at the nexus of several busy areas including Raffles Place, City Hall, Clarke Quay and Chinatown. Its location supports strong demand for tenants across a multitude of business trades looking to leverage on the large working population from the Central Business District (CBD) as well as the concentration of locals and tourists hanging out in this area. Today, it is characterized by a dynamic mix of acclaimed F&B concepts, boutique hotels, offices, and fitness studios, amongst others.

The appeal of 45 Hongkong Street is also enhanced by its convenient location. It is located just a 3-minute walk from Clarke Quay Central, which offers a wide range of amenities, ample car parking and direct connectivity to the Clarke Quay MRT station. The Raffles Place and Chinatown MRT interchanges are also a short walk away and the property is well served by the nearby Central Expressway (CTE) and Nicoll Highway, allowing it to be easily accessible from other parts of Singapore.

Mr Lee continues, “The subject property is poised for rental upside and capital appreciation in the mid- to long-term horizon as its surroundings continue to undergo further rejuvenation with several new and upcoming projects set to inject more vibrancy into the precinct. Some of these include the recent opening of a new 48-key boutique luxury hotel at 21 Carpenter Street, the S$62 million asset enhancement initiative at CQ @ Clarke Quay to transform it into a day-and-night destination, the proposed redevelopment of Central Square and Central Mall into a large-scale mixed development, and Canninghill Piers – an iconic 48-storey integrated development comprising 696 residential units, retail podium, hotel, and serviced residence. These projects will further strengthen the Boat Quay precinct’s position as one of the top lifestyle destinations in Singapore.”

The sale will be conducted through an Expression of Interest (EOI) exercise, which closes on Wednesday, 20 March 2024, at 3pm.

* Subject to final floor area survey and changes