Boat Quay shophouse for sale at $18.8m guide price

A conservation shophouse at 10 Lorong Telok has been put up for sale with a guide price of $18.8 million via an expression of interest. The 999-year leasehold property is located within the Boat Quay Conservation area.

According to Huttons Asia, the exclusive marketing agent of the property, the property has a land size of approximately 1,410 sq ft and a built-up area of approximately 4,000 sq ft. This works out to around $4,700 psf on the floor area.

The three-storey shophouse has an attic and a floor-to-ceiling height of 4.5m on the ground floor. It is currently tenanted on all three floors and attic, with the ground floor by an F&B operator, the second floor as an office, and the third floor and attic by a yoga gym.

A simple Google search states that the ground floor is currently occupied by Cellarbration Bistro and Bottle Shop. The shophouse is also within a 10-minute walk from Raffles Place MRT.

Since the property is zoned for “Commercial” use, buyers will not have to pay Additional Buyer’s Stamp Duty (ABSD). Foreigners and companies are also allowed to purchase the shophouse. No GST will be imposed for the purchase as well.

Jeremy Lim, Senior Group District Director of Huttons Asia, said, “Conservation shophouses with a freehold or 999-year leasehold tenure are well sought-after as High Net Worth Individuals see these properties as legacy assets and they hold their value well.”

He added that there is a tight supply of shophouses, especially those with F&B approvals.

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“Shophouses in the prime CBD area are increasingly popular among MNCs, offices, aesthetic clinics, law firms and accountancy firms. Many operate at level 2 or 3 of these shophouses as they are more flexible in terms of operating hours as well as lease agreements,” commented Aric Lim, Group Division Director of Huttons Asia.

The Expression of Interest exercise will end on Wednesday, Sept 14, at 3pm.

This article was first published in 99.co.