A conservation shophouse situated in 14, Ann Siang Road in District 1’s Chinatown region is for sale through an expression of Interest (EOI) exercise that has an estimated price at $22 million. The leasehold of 999 years property comprises a 3-storey storehouse with a basement and an area of 1,259 square feet that is zoned for commercial use.
According to the marketing agents PropNex Shophouse Elites (a division of PropNex Realty), the property is estimated to have a Gross Floor Area (GFA) that is 3,459 sq feet. This is a reference price that amounts to $6,360 psf depending on the GFA.
The ground floor is approved for F&B usage and is currently being leased by an F&B operator. It also includes the basement which is used as an kitchen. The top floor is used for retail as well as offices. The property is well-maintained and needs only minor renovations, according to Richard Tan, founder of PropNex Shophouse Elites.
The shophouse is just a three-minute walk away from the Maxwell MRT Station (Thomson-East Coast Line) and just 8 minutes walk from the Chinatown MRT Station (Downtown and North-East Lines)
“Commercial conservation shophouses, especially in prime areas are highly sought-after by investors because they are not often available and held tightly,” notes Tan. “We have noticed a significant demands from family office as well as high-net-worth people who have been watching the market for shophouses with keen awareness of the potential for capital appreciation and the possibility of leasing the property to multiple tenants to maximize revenue from rental.”
The EOI application on 14 Ann Siang Road will close on July 7th at 3pm.