FOR SALE BY EXPRESSION OF INTEREST - 17 HONGKONG STREET - FREEHOLD 5-STOREY COMMERCIAL CONSERVATION SHOPHOUSE WITH RESTAURANT APPROVED USE
SINGAPORE, Aug. 15, 2024 /PRNewswire/ -- Brilliance Capital Pte. Ltd. is pleased to present an unparalleled investment opportunity, a 5-storey freehold commercial conservation shophouse nestled along the iconic Hongkong Street, for sale via an Expression of Interest (EOI). The subject property at 17 Hongkong Street is completed in year 2011 after undergoing a redevelopment. The building is exquisitely designed with captivating interiors, and boasts premium specifications, including regular floor plates, ample floor-to-ceiling heights, and glass façades both at the front and rear, exemplifying its modern yet timeless appeal. The meticulously conserved façade adds to its allure, exuding historic charm while seamlessly integrating with modern architectural elements.
The property commands a prominent position on Hongkong Street, an undiscovered treasure in Singapore renowned for its plethora of restaurants and cafes establishments, boutique hotels, offices, as well as fitness and wellness studios. Currently operating at full occupancy, the incoming buyer can enjoy the security of immediate rental income and hold the property for stable long-term rental yield. The ground floor is well leased to a Michelin Plate awardee Japanese Omakase restaurant, while the upper floors house diverse businesses as office spaces, all conveniently serviced by a passenger lift.
Located within the Upper Circular Conservation Area under Secondary Settlements Conservation, the building sits on a land area of approximately 1,793 sq ft zoned "Commercial", with a plot ratio of 4.2 under the Master Plan 2019, has a total build-up area of approximately 7,950 sq ft. The building also comes with individual strata titles per floor which increases the flexibility for future ownership.
Based on the guide price of S$45.8 million, this pricing is attractive in the current market and for a freehold tenure asset, especially when the demand for commercial shophouses continues to be supported, drawing buyers from both local and overseas wealth markets.
Ms Sammi Lim, Founder and Executive Director, Brilliance Capital Pte Ltd, said: "Freehold properties are highly prized in Singapore, known for their lasting value and investment security. Therefore, a standout feature of this property is its coveted freehold tenure, unlocking immense potential for capital appreciation and growth, in perfect harmony with Singapore's ever-evolving urban development trajectory.
Positioned strategically along Hongkong Street, mere steps away from iconic landmarks such as Clarke Quay, Chinatown, Raffles Place, National Gallery and Marina Bay, this shophouse enjoys a privileged location at the heart of Singapore's bustling financial, commercial, and tourism hub. Renowned for its eclectic mix of culinary offerings, bespoke cafes, retail outlets, offices, galleries, Hongkong Street pulsates with vibrant energy, drawing in a steady stream of foot traffic from both local and tourists, and creating an atmosphere of bustling excitement. Moreover, the locale is undergoing further rejuvenation, with several upcoming projects poised to transform it into an even more dynamic dining and nightlife destination. This seamless integration not only expedites the leasing process but also unveils boundless opportunities for future growth and expansion. This exclusive opportunity beckons forward-thinking investors to become part of this thriving landscape.
The scarcity of conservation shophouses in Singapore significantly boosts their desirability among investors as well as owner-occupiers. The property also presents itself attractively for a corporate headquarters or family office operations. These properties are not only valuable for their historical significance but also represent a limited and highly sought-after asset class and continue to remain as a popular asset class."
An added advantage is that, as a commercial property, the shophouse does not incur Additional Buyer's Stamp Duty (ABSD) or Seller's Stamp Duty (SSD). This provides investors with greater flexibility and cost-effectiveness in their investment decisions, enhancing the overall attractiveness of the property.
The property is exceptionally well-connected, with Clarke Quay MRT Station located just right across the street and major expressways such as the Central Expressway (CTE), Marina Coastal Expressway (MCE), and Ayer Rajah Expressway (AYE) easily accessible. This robust connectivity ensures seamless transportation options, catering to the needs of businesses and visitors alike.
Brilliance Capital is the sole marketing agent for this Expression of Interest.
The Expression of Interest closes on 26 September 2024, Thursday at 3.00 p.m.
About Brilliance Capital Pte. Ltd.
Brilliance Capital is a full-service real estate agency that assists and advises ultra-high net worth individuals, local and foreign family offices, as well as property developers, publicly listed companies, and local and overseas private funds on the purchase and sale of real estate assets. Founded and led by Sammi Lim, the firm engages the industry's most elite professionals, and boasts a dynamic team of agents specializing in the sale and leasing of the entire spectrum of properties which include residential condominiums, landed houses, commercial properties, industrial assets, collective sales, as well as consultancy and advisory services.
SOURCE Brilliance Capital
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