SINGAPORE, February 19, 2019 – Cushman & Wakefield has been appointed as the marketing agent for the sale of a pair of adjoining three-storey conservation commercial shophouses, at 44 & 46 Club Street.
Under the Master Plan 2014, the shophouses are sited on “Commercial” land within the historic district of “Chinatown-Telok Ayer” in the Central Business District (CBD). The 999-year shophouses have a combined land area of 221.8 sq m (2,387 sq ft approximately) and their total floor area is estimated to be about 6,208 sq ft.
Once home to several upscale Chinese clubs and associations in the 1800s and 1900s, the precinct is now a popular destination for businesses, tourists & locals and is characterized by a plethora of trendy restaurants, bars, galleries and entertainment joints.
According to Mr Shaun Poh, Executive Director of Capital Markets at Cushman & Wakefield, “The properties represent an exceptional investment opportunity to acquire a pair of conservation commercial shophouses that are strategically-located within the city centre and just a short walk from the Chinatown (North-East/ Downtown Line) & Telok Ayer (Downtown Line) MRT stations.”
“More than 1,000 new hotel rooms are expected to be added in the locale, injecting vibrancy and increasing tourism footfall, with the ongoing construction of new hotels in the vicinity, namely The Clan and Capri by Fraser, coupled with the recent sale of the government land sale hotel site at Club Street.
The prospective purchasers of 44 & 46 Club Street will enjoy the complementary benefits of potential rental and capital growth upon the completion of the new hotels.”
“Conservation commercial properties in prime central locations remain highly sought after by investors such as boutique funds, family offices and high net worth individuals looking to enhance the value of their investment portfolio, riding on the limited supply of this asset class. We expect keen interest from end-users who are looking to locate their business in a building with naming rights within CBD.”
Foreigners are eligible to purchase the properties and Additional Buyer’s Stamp Duty (ABSD) is not required.
The properties will be sold with existing tenancy.
The sale of the properties is conducted through an Expression of Interest exercise which closes on 19 March 2019 at 3 p.m.
For further information, please contact:
Executive Director, Capital Markets
Associate Director, Communications
+65 6317 8349/ 96916449
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value by putting ideas into action for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with 48,000 employees in approximately 400 offices and 70 countries. In 2017, the firm had revenue of $6.9 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.