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News Release

Singapore

Prime three-storey F&B conservation shophouse located in the heart of CBD up for sale

Indicative price in the region of $15 million or $2,300 psf


SINGAPORE, 7 August 2018 – JLL, as the exclusive marketing agent, is proud to present an exclusive opportunity to acquire 29 Stanley Street - a beautifully restored three storey conservation shophouse located in the heart of the Central Business District (CBD).

 

Nestled along the charming Stanley Street, the property occupies a land area of 1,693 sf and has a gross floor area of approximately 6,500 sf. It has a tenure of 99-year leasehold w.e.f. 17 December 1990. Under the 2014 Master Plan, the site is zoned "Commercial" and is located within the Telok Ayer Conservation Area. The Property is approved for food and beverage (F&B) use on the ground floor and office use on the upper floors. The unit comes with excellent specifications such as generous ceiling height, concrete flooring and a regular, efficient and column-free layout. Having full length windows spanning the front of the shophouse coupled with the presence of an airwell, the shophouse benefits from good natural lighting. The building has a beautifully conserved façade covered with exquisite ornamental details, decorative panels and intricate ceramic pieces.

 

The Property is highly accessible and is within a short walk from Telok Ayer and Raffles Place MRT stations. Located within the CBD, the property is also easily accessible via major expressways including the Marina Coastal Expressway (MCE) and Central Expressway (CTE).

 

Through the years, the Telok Ayer Conservation Area (comprising of Amoy Street, Boon Tat Street, Telok Ayer Street and Stanley Street etc) has flourished into a bustling F&B, entertainment and lifestyle destination due to its excellent CBD location and access to large surrounding catchment of working population. Whilst popular to the office crowd during lunch hours, the area instantly transforms into a vibrant dining and drinking destination by evening with the after-work crowds. On weekends, the area is popular amongst avid café-hoppers.  

 

Mr Clemence Lee, Associate Director, Capital Markets, JLL, said: "With the current limited supply of shophouses available for sale in the CBD, 29 Stanley Street offers investors and owner-occupiers a timely opportunity to acquire a trophy asset in the area. We expect strong interest from boutique real estate funds, local companies, family offices and high-net-worth individuals (HNWIs).

 

Furthermore, with the ground floor currently vacant and approved for F&B use, there's flexibility for a restaurant operator to purchase the property to run their own restaurant or for an investor to bring in an upscale restaurant tenant to compliment the bustling F&B scene in the area."

 

The latest transactions for shophouses in the Telok Ayer Conservation Area includes 77 Amoy Street which was reported transacted at $25 million ($3,500 psf approx.) in March 2018 and 75 Amoy Street which was reported transacted at $18 million ($3,900 psf approx.) in February 2018.

 

The indicative guide price for 29 Stanley Street is in the region of $15 million reflecting around $2,300 psf on GFA.

 

As the property sits on land zoned for commercial use, foreigners are 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. 

 

The property will be marketed through an Expression of Interest exercise which closes on Wednesday, 12 September 2018, at 3pm.

 

- ends -

 

Note to editors:

  1. For a high-resolution image of the property, please click here.

 

About JLL

JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with nearly 300 corporate offices, operations in over 80 countries and a global workforce of 83,500 as of March 31, 2018. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.