At Kampong Bahru Road, two connected shophouses are listed for $18.8 million.At Kampong Bahru Road, two connected shophouses are listed for $18.8 million

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Novo Place condo price

A pair of freehold conservation shophouses is available through the submission of an expression of interest (EOI) with a suggested cost that is $18.8 million. The adjacent shophouses with an attic are situated on 69 and the 71 Kampong Bahru Road.

Novo Place condo price bid amounting to $266 million, equivalent to $661.67 per square foot per plot ratio (psf ppr).

The shophouses are located on a surface of 2,343 square feet. They also contain a floor space of around 5,947 sq ft. According to the URA’s Master Plan of 2019, they are classified as “commercial” use within the Blair Plain Conservation Area. Based on the surface area of the floor, the suggested cost is $3,161 per square foot.

According to the marketing agency CBRE, the ground floor units that are shophouses subleased by an operator of a convenience store and restaurant operator, thereby giving the potential buyer instant rental income. The upper floors are designated to “office” use, and are currently vacant.

Clemence Lee Clemence Lee, chief executive officer of capital markets Singapore at CBRE believes that the properties are appealing to a broad range of potential buyers. Lee also points out that there are just 44 shops that are zoned for commercial use within the Blair Plain Conservation Area and the remainder being designated for residential, with commercial space on the top of the building. “Astute purchasers who are acquainted with the area will appreciate the uniqueness of this opportunity, and the premium features of the properties including the freehold tenure, connected apartments on higher floors the main road frontage and numerous angles to enhance value.”

CBRE states that, subject to the approval of appropriate officials, these shophouses can be repurposed for other purposes, such as lodging and accommodation as well as a commercial school medical clinic, or fitness center. (Find Singapore commercial properties by using our directory of commercial properties)

The shophouses are only a 6-minute walk of Outram Park MRT Station. CBRE further states that it’s location between three areas that are rapidly revitalizing including the SGH Campus and The CBD and the upcoming Greater Southern Waterfront. Lee believes that the ongoing improvement works and the upcoming developments in these areas will also help the properties as well as capital appreciation in the long run.

The EOI process for the shophouses will end on May 24th at 3pm.

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