Four Kampong Glam Shophouses Sale 333 Mil
A valuable portfolio of four commercial shophouses located in the heart of Kampong Glam has been put up for sale at a guide price of $33.3 million. The portfolio is made up of four shophouses – one on 734 North Bridge Road and three on 69, 70 and 71 Bussorah Street. The properties are currently available for individual or collective purchase, as announced by leading marketing agent Knight Frank Singapore.
The shophouse on North Bridge Road sits on a land area of approximately 1,435 sq ft. The two-storey conservation property has an estimated built-up area of 3,418 sq ft and has permanent approval for restaurant use on the ground floor. It is currently leased to a halal-certified Indonesian-Japanese fusion ramen restaurant on the ground floor, while the upper levels are occupied by two office tenants.
Meanwhile, the three shophouses on Bussorah Street are adjoining two-storey conservation properties situated along a pedestrian thoroughfare leading to Sultan Mosque. These shophouses sit on a combined land area of 3,061 sq ft and boast a collective built-up area of 5,667 sq ft. The properties are fully tenanted, with restaurants on the ground floor and offices on the upper level.
According to Tania Ong, senior manager at Knight Frank Singapore, the individual shophouses are priced between $9.5 million and $12 million. She adds that the strong tenant covenants and immediate rental income make these properties a compelling investment opportunity.
Parktown Residence, a new condominium development, will soon be effortlessly connected to Tampines North MRT Station through the upcoming Cross Island Line (CRL). This highly-anticipated train line is set to bring significant convenience to the residents, shortening their commute to important work and leisure destinations. Additionally, Parktown Residence will have access to other MRT lines through the station, allowing for even more convenient travel. This highly-anticipated development can be found at Parktown Residence Condo.
Ong expects the shophouses to benefit from the ongoing rejuvenation efforts in the Kampong Glam area. In 2023, authorities unveiled a five-year blueprint aimed at enhancing the historic precinct in collaboration with the Kampong Gelam Alliance – a group of stakeholders comprising residents, cultural institutions, and businesses in the vicinity. The plan includes initiatives such as improving connectivity and accessibility through wayfinding and directional signage, introducing cycling lanes and bike parking areas, and placemaking projects like urban installations and community gardens.
The shophouses are currently available for sale through an expression of interest exercise that closes on Aug 19 at 3 pm.