SINGAPORE (EDGEPROP) - Two freehold shophouses at 33 and 35 Sultan Gate have been put on the market for $11.55 million ($3,500 psf on estimated built-up area). They are to be sold together. CBRE is the sole marketing agent.
The two shophouses have a total built-up area of around 3,300 sq ft and enjoy a wide road frontage of around 8m along Sultan Gate. They have a combined land area of around 1,771 sq ft, held under an individual land title. Both come with permanent F&B approval for levels one and two.
The property is zoned “commercial” under the 2019 URA Master Plan and there will be no additional buyers’ stamp duty or sellers’ stamp duty imposed. Both locals and foreigners are eligible to buy.
Clemence Lee, senior director of capital markets (Singapore) at CBRE, says, “The successful buyer can capitalise on the high and self-sustaining footfall to the vicinity by either occupying the property to run their own restaurant or to lease it out to an F&B operator.”
Lee adds that the shophouses can benefit from the existing and upcoming mixed-use developments such as Duo and South Beach, Guoco Midtown, as well as the redevelopment of Shaw Towers and The M.