Two 999-year shophouses in Boat Quay, Club Street up for sale

Citi Commercial Pte Ltd

TWO 999-year shophouses located in Boat Quay and Club Street have been put on the market via expression of interest (EOI), marketing agents CBRE and PropNex said on Thursday.

Both properties are zoned for commercial use, which means foreigners are eligible to purchase and there would be no additional buyer's stamp duty.

A conservation shophouse located at 77 Boat Quay has a guide price of S$16 million which translates to S$4,279 per square foot (psf) on the total floor area of 3,739 square feet (sq ft). The property has the right to lease an additional 275 sq ft of outdoor refreshment area located at the foot of the asset, CBRE said in a press statement.

The shophouse sits on a plot spanning 1,530 sq ft and is zoned for commercial use under the Urban Redevelopment Authority's Master Plan 2019.

77 Boat Quay is fully leased to a food and beverage (F&B) tenant on the ground floor, a shop on the second floor and a beauty salon on the third floor. The shophouse has prominent frontage along the Singapore River.

It is a short walk away from both Clarke Quay MRT station and Raffles Place MRT Interchange and is served by the Central Expressway (CTE).

The EOI for 77 Boat Quay will close on Sept 22, 3pm.

Another shophouse, located at 93 Club Street, has been put up for sale with a guide price of S$9.9 million, which works out to about S$3,552 psf, based on built-up area.

The shophouse has F&B approval. Its ground floor is approved for restaurant use, while the second floor is approved for shop (takeaway food) use, PropNex said.

PropNex senior associate division director Loyalle Chin said shophouses in Club Street are no longer granted permission for new eateries. Hence, 93 Club Street presents a "rare, long-term investment opportunity" in an area where F&B shophouses are tightly held.

The Club Street shophouse is in the vicinity of Maxwell MRT - which will open in 2022. It is also within walking distance to Telok Ayer MRT and Tanjong Pagar MRT.

"This is probably the lowest quantum 999-year F&B shophouse in Telok Ayer Conservation Area under S$10 million," Mr Chin said. He added that PropNex expects keen interest from investors and end-users looking to locate their business or family office in a building with prominent signage rights.

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