Conservation Shophouses Telok Ayer Street Sale 42 Mil
Inner city conservation shophouses at Chinatown up for sale
Two adjacent conservation shophouses on Telok Ayer Street have been put on the market for sale through an expression of interest (EOI) exercise with an indicative price of $42 million. The two properties, located at 132 and 134 Telok Ayer Street, come with a 999-year leasehold tenure and a combined land area of about 2,841 sq ft. These shophouses are zoned for commercial use.
The total floor space of these shophouses is approximately 8,000 sq ft, which means the indicative price translates to about $5,250 psf on the floor area. Positioned near the intersection of Telok Ayer Street and Boon Tat Road, these shophouses are just a short two-minute walk away from the Telok Ayer MRT Station on the Downtown Line. They are also situated within the Telok Ayer Conservation Area, which includes other shophouses along Amoy Street, Ann Siang Road, Boon Tan Street, and Club Street.
According to Steven Tan, the managing director of capital markets and investment sales at ERA Realty Network, the properties are poised to command a new record price due to their prime location and the growing interest in shophouses among investors in the Chinatown-Telok Ayer area. ERA is the sole marketing agent for these shophouses.
Recent transactions of similar shophouses in the Telok Ayer Conservation Area have shown that psf prices based on land area have been on the rise. Tan believes that there has been a surge in investor activity since the US Federal Reserve’s announcement to lower interest rates. He also anticipates more record-breaking deals in the coming months for both shophouses and strata commercial units.
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The EOI for these shophouses will end on October 17 at 3pm. Interested parties can check out the latest listings for properties in Telok Ayer Conservation Area and commercial real estate properties on EdgeProp Buddy. They can also compare price trends of commercial versus industrial properties and view past commercial sale transactions using the app.