Row of 5 freehold shophouses with excellent frontage up for sale

SINGAPORE, 26 February 2018 – JLL, as the exclusive marketing agent, is inviting offers through an Expression of Interest (EOI) exercise for the purchase of 122 to 130 Arab Street, a row of 5 freehold shophouses nestled within the heart of Singapore’s historic district – Kampong Glam.

Having an excellent 20-metre frontage onto Arab Street, the subject properties sit on a combined land area of approximately 4,462 sq ft and have a total area of approximately 8,066 sq ft. The shophouses can either be sold collectively or in clusters as tabled below. Under the 2014 Master Plan, the site is zoned “Commercial” under the Kampong Glam Conservation Area. The properties are currently occupied by 2 nightclub tenants.

The subject properties are located about 400-metres from the Bugis MRT station and approximately 500-metres from the Jalan Besar MRT station. It is readily accessible via public transportation along Victoria Street and Arab Street and is well-connected to major expressways including the Central Expressway (CTE), Nicoll Highway and East Coast Parkway (ECP).

Bounded by Ophir Road, Victoria Street, Jalan Sultan and Beach Road, Arab Street is a charming area lined with two to three-storey heritage shophouses. The area received conservation status on 7 July 1989 and today boasts an eclectic mix of old and new, where traditional shops can be found next to fancy boutique hotels, stylish restaurants and cafés. With the popular Haji Lane and Bali Lane running in parallel, the area is a trendy lifestyle and a tourist attraction buzzing with activities from day to night.

Earmarked by URA as one of the major growth areas in Singapore, the Ophir-Rochor Corridor is undergoing further rejuvenation and redevelopment. Its development will form a natural extension of the existing office, hotel and retail hub at Marina Centre. This will allow for the development of a vibrant office cluster for financial and business institutions that will complement the business districts at Marina Bay and Raffles place. Leading the rejuvenation is Duo, an iconic integrated development consisting of a Grade A office building, food and lifestyle mall, 342 rooms 5-star Andaz hotel by Hyatt and the luxurious 660-unit Duo Residences. Other mixed-use developments in the area include The South Beach and the up-and-coming City Gate. Recently, GuocoLand has won the tender for a $1.622 billion 2-hectre commercial site located at the old Beach Road Police Station which will further rejuvenate the area. Coupled with Government initiatives to identify and incorporate new technologies in order to create a richer and more immersive retail scene in Kampong Glam, the subject property is set to benefit from potential capital and rental upsides in the medium to long term.

Mr Clemence Lee, Associate Director, JLL says: “Given the excellent main road frontage, the property’s freehold tenure, its rare KTV and F&B license, close proximity to the Bugis MRT Interchange and the potential capital appreciation from the rejuvenation of the area, we expect strong interest from investors such as boutique real estate funds, family offices and high-net-worth individuals (HNWIs). Owner occupiers who are looking to own their own boutique building will also find this an interesting proposition.”

The indicative guide price for 122 to 130 Arab Street is in the region of $28 to $30 million, which translates to about $3,471 to $3,719 psf on the total area. 

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 sale will be conducted through an Expression of Interest exercise which closes on Thursday, 5 April 2018, at 3pm.