CBRE and Propnex, as the appointed marketing agents, are offering for sale a freehold CBD shophouse at 13 Hongkong Street. The sale will be conducted via an Expression of Interest exercise which closes on Tuesday, 9 May 2023, at 12pm.

The property is located along Hongkong Street, an upscale street in Singapore known for its food and beverage scene. Recently refurbished, the property is a 4-storey intermediate shophouse with roof terraces. It sits on a land plot of approximately 1,833 sq ft and has an estimated gross floor area of 6,057 sq ft. The site is zoned “Commercial with Plot Ratio of 4.2” under URA’s Master Plan 2019 and has an untapped gross floor area of approximately 1,600 sq ft. The property presents a valued opportunity for investors to acquire a freehold interest in the CBD.

The guide price is S$28 million, which translates to approximately S$4,623 per square foot based on the estimated gross floor area. No Additional Buyer’s Stamp Duty or Seller’s Stamp Duty is applicable to this property.

Mr Joshua Giam, Associate Director of Capital Markets, Singapore at CBRE, says, “Freehold shophouses in the area are hard to come by. This will appeal to both investors and owner-occupiers who are looking for a prime commercial asset in one of Singapore’s most coveted districts. The incoming owner can explore different value-add angles such as utilizing the untapped gross floor area, possible configurations to suit different uses such as F&B, hostel, serviced apartments amongst others, subject to approval from relevant authorities.”

The property is minutes’ walk from the Clarke Quay and Raffles Place MRT stations. With many renowned restaurants in the area, including Michelin-starred establishments as well as others that have been listed among Asia’s Best, the property is located within one of Singapore’s popular lifestyle and F&B destinations. Nearby landmarks include Clarke Quay Central, an integrated development and One George Street, a grade A office building located approximately 200 metres from the 13 Hongkong Street.

Mr Richard Tan, Director of PropNex Shophouse Elites Singapore says, “With the large worker catchment around the area, the property is ideal for investors looking to capitalize on strong rental upside and capital appreciation. We have been seeing strong demand from family offices and High Net Worth individuals looking for freehold commercial assets in Singapore’s Central Business District. The opportunity presents an opportunity for owner-occupiers looking to acquire their own iconic property in Singapore.”