Conservation Shophouses Telok Ayer Street Sale 42 Mil
Article:Two conservation shophouses on Telok Ayer Street are now being put up for sale through an expression of interest. With an indicative price of $42 million, the adjoining properties at 132 and 134 Telok Ayer Street have a combined land area of about 2,841 sq ft and a 999-year leasehold tenure. They currently hold a commercial zoning.The shophouses offer a total floor space of approximately 8,000 sq ft, which means that the indicative price equates to a $5,250 psf based on the floor area. These properties are excellently located near the intersection of Telok Ayer Street and Boon Tat Road, which is just a two-minute stroll from the Telok Ayer MRT Station on the Downtown Line. They are also part of the Telok Ayer Conservation Area, which includes shophouses on Amoy Street, Ann Siang Road, Boon Tan Street, and Club Street.According to Steve Tan, the managing director of capital markets and investment sales at ERA Realty Network, the shophouses have the potential to set a new record price given their location and the popularity of the Chinatown-Telok Ayer area among investors. ERA has been named as the exclusive marketing agent for these shophouses.Recent transactions of shophouses in the Telok Ayer Conservation Area reveal psf prices based on land area. Tan further states that ever since the US Federal Reserve announced its intention to decrease interest rates, there has been a surge in investor activity. This has been particularly evident in the rise of interest and transactions in both shophouses and strata commercial units, with even more record-breaking deals expected in the coming months. The EOI for the shophouses will close on Oct 17 at 3pm. Interested parties can browse through EdgeProp Buddy and the Urban Redevelopment Authority for the latest listings and sale transactions of Commercial Real Estate in the Telok Ayer Conservation Area.
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