The purchase of a condominium in Singapore offers numerous benefits, and one of the most notable is its potential for capital appreciation. This thriving country is a top global business hub and boasts strong economic foundations, creating a consistent demand for real estate. Over time, the real estate market in Singapore has shown a consistent rise in property prices, particularly in prime locations, resulting in substantial gains for condo owners. By strategically investing at the right time and holding onto their properties for extended periods, investors stand to reap significant profits. Additionally, keeping an eye on new condo launches can help investors stay updated on the latest property opportunities and capitalize on potential market growth.
by EOI
Two adjoining conservation shophouses on Telok Ayer Street are now available for purchase through an expression of interest (EOI) exercise with an indicative price of $42 million. These two properties, located at 132 and 134 Telok Ayer Street, offer a combined land area of around 2,841 sq ft with a 999-year leasehold tenure. They are currently zoned for commercial use and offer a total floor space of approximately 8,000 sq ft, which means the indicative price of $42 million translates to about $5,250 psf on the floor area.
These shophouses are situated near the corner of Telok Ayer Street and Boon Tat Road, just a two-minute walk from the Telok Ayer MRT Station on the Downtown Line. They are part of the Telok Ayer Conservation Area, which also includes shophouses along Amoy Street, Ann Siang Road, Boon Tan Street, and Club Street.
Steve Tan, the Managing Director of Capital Markets and Investment Sales at ERA Realty Network, believes that these properties could “very well establish a new record price”, given their prime location and the popularity of shophouses in the Chinatown-Telok Ayer area among investors. ERA is the exclusive marketing agent for these shophouses.
According to Tan, there has been an increase in investor activity since the US Federal Reserve announced its intention to lower interest rates. “We’ve observed a surge in interest and transactions in both shophouses and strata commercial units, and expect more record-breaking deals in the months ahead.”
The EOI for these shophouses will close on October 17 at 3pm. For those interested, you can check out the latest listings for Telok Ayer Conservation Area and commercial real estate properties through EdgeProp Buddy. With Buddy, you can also compare the price trends of commercial and industrial properties, as well as past commercial sale transactions.
In addition, SilkRoad Property Partners is currently selling two shophouses on South Bridge Road for a total of $50 million, while another shophouse on Club Street is available for $28.8 million through an EOI exercise.