Freehold 3-storey conservation shophouse with attic at 35 Kreta Ayer Road for sale via Expression of Interest

Singapore, 7 March 2024 – CBRE, as the exclusive marketing agent is pleased to present a trophy freehold 3-storey conservation shophouse with an attic at 35 Kreta Ayer Road for sale. The sale will be conducted via an Expression of Interest exercise that closes on Thursday, 11 April 2024, at 3pm.

The shophouse is nestled in the prime District 2 of the Central Business District (CBD), within the historic Bukit Pasoh Conservation Area. It occupies a freehold land plot of approximately 1,568 square feet and has an existing floor area of approximately 4,368 sq ft. The entire shophouse is presently fully-tenanted, providing the incoming investor with stable and immediate rental income. The ground floor unit has permanent approval for “Restaurant” use and is currently occupied by a renowned Korean BBQ restaurant and the upper floor units are fully-leased to an office occupier and commercial school.  

The indicative guide price for 35 Kreta Ayer Road is S$21.5 million, which works out to about $4,922 per square foot on its existing 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, “Conservation shophouses within the Keong Saik / Bukit Pasoh conservation district are highly-treasured generational assets, given their superior freehold land tenure and their strategic location within one of Singapore’s most popular dining and lifestyle enclaves. With the asset’s palatable quantum at less than S$25 million, we expect strong interest from a wide range of investors such as family offices, boutique real estate funds, local companies, and high-net-worth individuals.”

Since the 1990s, the Keong Saik / Bukit Pasoh precinct has transformed into one of the CBD’s most dynamic destinations. Today, the shophouses lined along the charming streets of the neighbourhood are anchored by Michelin-lauded restaurants, boutique hotels, and new-to-market bars and cafes, among others. Some notable examples include Potato Head, Shake Shack, Kok Sen, Esquina, Thevar, Coach Play Singapore, and Kesa House. 

Mr Lee continues, “The Keong Saik / Bukit Pasoh neighbourhood continues to undergo rejuvenation with several new and upcoming project completions expected to enhance its dynamism and vibrancy. These include Maxwell MRT (2022), Mondrian Singapore Duxton (2023) – a 302-room luxury hotel, Mercure ICON Singapore City Centre (2024) – a 989-key hotel and TMW Maxwell (2027). The completion of these projects will further reinforce the district as an attractive tourist and lifestyle destination and enable the incoming owner to benefit from rental uplifts and capital appreciation over the mid- to long-term horizon.” 

35 Kreta Ayer Road enjoys superior accessibility with 4 MRT Stations located just a short walking distance away – Maxwell (4-mins), Outram Park (5-mins), Chinatown (7-mins) and Tanjong Pagar (11-mins). The property is well-served by the nearby Ayer-Rajah Expressway (AYE) and Central Expressway (CTE), allowing it to be easily accessible from other parts of Singapore.