JLL Singapore announces the sale of a 999-year leasehold two-storey conservation shop house located in the heart of Singapore's Central Business District (CBD). 

Mr Clemence Lee, Associate Director of Capital Markets at JLL reveals to WILLIAMS MEDIA the purchase price of S$16.5 million, following a successful Expression of Interest period that ended on 20 September 2018.  

The Site has a tenure of 999-year leasehold w.e.f. 1 November 1884 and has been zoned "commercial" under the 2014 Master Plan.

Situated along the bustling Boon Tat Street within the Telok Ayer Conservation Area, the asset houses the highly-acclaimed Michelin Star restaurant, Cheek by Jowl.

Located within the CBD, the property is also easily accessible via major expressways including the Marina Coastal Expressway (MCE) and Central Expressway (CTE).

With a myriad of F&B offerings and a dynamic entertainment scene, the Telok Ayer Conservation Area (comprising of Amoy Street, Boon Tat Street, Telok Ayer Street and Stanley Street etc) is one of the most frequented locations in the CBD. The area is now home to two Michelin Star restaurants, with Cheek by Jowl being one of them.

Lee said: “Freehold conservation shophouses located in the CBD are highly sought after for their investment value and wealth preservation purpose and are seldom made available for sale. Moreover, shophouses with F&B approval on two floors are rare as the authorities are becoming increasingly selective in granting such approvals. 21 Boon Tat Street presents investors a rare opportunity to own a well-located trophy asset with strong tenant covenant, superior 999-year tenure, rare permanent F&B approval and strong rental income.

"Astute investors would recognise the strong attributes of the property and seize the opportunity to add this trophy asset into their investment portfolio. We expect strong interest from investors such as boutique real estate fund, high-net-worth individuals, family offices and local companies.

"Furthermore, with its prime location and rare permanent F&B approval for both floors, 21 Boon Tat Street will appeal to F&B operators looking to acquire their own flagship asset and stake a claim in this vibrant F&B and lifestyle destination.”

As the property sits on land zoned for commercial use, foreign buyers were also eligible to purchase the property. There is also no Additional Buyer’s Stamp Duty (ABSD) or Seller’s Stamp Duty (SSD) imposed on the purchase of the property.

For more information about the sale of 21 Boon Tat Street, phone or email Clemence Lee, Associate Director, Capital Markets, JLL via the contact details listed below. 

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