_A rare and distinctive trio of adjoining shophouses launched for sale by tender
Singapore – International property consultancy Knight Frank Singapore, as the exclusive marketing agent, is offering a trio of interconnected 3-storey conserved shophouses at 4, 5 and 6 Stanley Street in prime District 1 for sale by tender.
The property sits on land area of 374.4 square metres (sqm) or approximately 4,030 square feet (sq ft) with built-up area of approximately 10,735 sq ft across the three shophouses. It is zoned “Commercial” under the Master Plan 2019.
Situated at the boundary of the Downtown Core and within the Telok Ayer Conservation Shophouse enclave, the subject property has been carefully conserved to retain exterior architectural features, while accommodating the needs of modern-day establishments.
The unique property features seamless connectivity across the third storey with approval for office use, and partial connectivity on the second storey which features a fitness and wellness studio. The ground floor is fully tenanted by an interesting mix of food and beverage (F&B) outlets offering gastronomic delights from Australia to the Middle East, adding to the lively array of dining options from hawker fare to Michelin-starred selections.
Stanley Street sits at the cross section of the Central Business District, Chinatown/Outram precinct, Tanjong Pagar Commercial belt, and the Marina Bay area, and is easily accessible island wide via major expressways like Central Expressway (CTE), Ayer Rajah Expressway (AYE), the Pan-Island Expressway (PIE), and the Marina Coastal Expressway (MCE). Additionally, four MRT stations are within walking distance – Telok Ayer (DTL) and Tanjong Pagar (EWL) are 4 minutes away while Shenton Way and Maxwell (TEL) are 8 and 9 minutes away respectively.
Ms Mary Sai (蔡竺樾), Executive Director, Capital Markets, Knight Frank Singapore (执行董事,资本市场部, 莱坊), comments, “As a developed cultural and gastronomic location post pandemic, where international visitor arrivals are tracking steady progress to pre-COVID19 volumes, demand for this eclectic historical investment property is expected to be supported by investors with objectives of wealth preservation, stable recurring income and the very real prospect of substantial capital appreciation over time.
“This rare property presents an opportunity for buyers to own a piece of limited conservation land in Singapore. The shophouses are in a historical area yet steps away from the bustling metropolis of the central business district (CBD). Its old-world charm attracts tourists while myriad eateries and watering holes draw the office crowd and food lovers throughout the day. We expect interest from different segments purchasing for investment or own use.”
Shophouses in Singapore are fixed in supply islandwide and there will always be investors on the lookout for opportunities from this limited and scarce property asset class. Investible shophouses are even more rare in the Central Business Areas of District 1 which has undergone dramatic gentrification over the past decade, becoming a trendy culinary destination for both locals and tourists.
According to Knight Frank’s estimate of shophouse transactions in district 1 year-to-date, the average price per square foot (psf) on gross floor area (GFA) was $6,063 based on eight transactions. This is approximately 11.84% higher than $5,421 in year 2022 and a significant increase of 44.21% from $4,204 in year 2021 where there were nine and 26 transactions respectively.
In 2023, the only Stanley Street transaction closed at $4,472 psf on GFA. This came over 18 months after the last transaction in September 2021.
The tender closes on Thursday, 28 March 2024 at 3:00 PM.
Related Reading
Super-prime sales fall back but remain ahead of pre-pandemic level