Staff Reporter
Published:
171 Telok Ayer Street
CBRE says foreigners can buy the freehold property without paying ABSD.
A conservation shophouse at 171 Telok Ayer Street in District 1 is up for sale via expression of interest (EOI) at a guide price of $23.76m, or about $5,700 per square foot (psf), according to marketing agent CBRE.
Interested parties can submit offers until 3 p.m. on 25 November.
The three-storey shophouse with a mezzanine sits on a freehold land plot of approximately 1,390 square feet (sq ft) and has an estimated total floor area of approximately 4,168 sq ft, subject to final survey.
It is fully occupied, with an established food and beverage operator on the ground floor and office occupiers on the upper floors, CBRE said.
The ground floor has permanent restaurant approval, whilst the upper floors could be converted to alternative uses such as restaurant, wellness, or serviced apartments, subject to approval from the relevant authorities.
Foreigners are eligible to purchase the commercial property, and there will be no additional buyer’s stamp duty or seller’s stamp duty imposed on the property transaction, the firm added.
171 Telok Ayer Street is within walking distance of the Telok Ayer, Tanjong Pagar, Shenton Way, and Maxwell MRT stations, and has access to the Central Expressway, Marina Coastal Expressway, and Ayer Rajah Expressway.
Over the past six months, freehold and 999-year conservation shophouses in prime Districts 1 and 2 have transacted at $5,000 to $6,800 psf, for between $16m and $22m, according to Clemence Lee, executive director of capital markets at CBRE.
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