Two adjoining shophouses on Keong Saik Road on sale for $30.8 mil
SINGAPORE (EDGEPROP) - A pair of adjoining shophouses at 83 & 85 Keong Saik Road is on the market for $30.8 million. CBRE is the sole marketing agent for the sale of the freehold properties. (See also: Three shophouses on Circular Road going for $28 mil)
The three-storey conservation shophouses are in the Chinatown (Kreta Ayer) Conservation Area. They sit on a 2,762 sq ft site that is zoned “commercial” under the 2019 Master Plan. The properties also feature a 17m street frontage along Keong Saik Road. (See: Find Singapore commercial properties with our commercial directory)
The properties have a total floor area of 8,783 sq ft and the guide price translates to $3,507 psf on total floor area. Both shophouses also feature a connected roof terrace. The ground-floor units have obtained approval for F&B use.
“The Keong Saik enclave remains an exciting F&B and lifestyle destination with a longstanding reputation for attracting some of the hippest new-to-market operators. It has garnered a strong following by both local and foreign patrons,” says Clemence Lee, senior director, capital markets, Singapore, at CBRE.
He adds that shophouses in the Keong Saik area are rarely put up for sale, and the inclusion of a roof terrace is rare among shophouses in Singapore.
The new owner could also explore multiple value-add opportunities, he says. “The options include adding roughly 700 sq ft of outdoor deck on Level 2, converting the roof terrace into a rooftop café, or converting the upper floors into a hotel, or serviced apartments or for co-living use,” says Lee. These options are subject to approval by the authorities.
The pair of shophouses will be sold in an expression of interest exercise that closes on Aug 18.
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