-- CBRE, as the exclusive marketing agent, is offering for sale 17 Hongkong Street, a 5-storey shophouse located in the heart of the Upper Circular Road Conservation Area within prestigious District 1.
The freehold 17 Hongkong Street sits on a land area of approximately 1,793 square feet and has a total floor area of approximately 7,950 sq ft. Under the URA Master Plan 2019, it is zoned for “Commercial” use with a Gross Plot Ratio of 4.2. Tastefully designed with inspiring interiors, the shophouse features premium specifications including regular floor plates, generous floor-to-ceiling heights, glass façade at both the front and rear, as well as a private passenger lift that serves all floors. The property is currently fully leased with a popular Japanese omakase restaurant occupying the ground floor and businesses of different trades using the upper floors as offices.
17 Hongkong Street is situated in an upscale lifestyle enclave that has consistently appealed to businesses across a multitude of trades. Today, it is distinguished by several highly regarded F&B concepts as well as boutique hotels, offices and fitness studios amongst others. The property’s strategic prime location places it between two of Singapore’s most iconic nightlife destinations – Boat Quay and Clarke Quay, and also within walking distance of several key areas including the core Central Business District (CBD), City Hall and Chinatown. Additionally, it is located just a 2-minutre walk from Clarke Quay MRT station.
The indicative guide price for 17 Hongkong Street is S$47.5 million. As this is a commercial property, foreigners are eligible to purchase and there will be no Additional Buyer's Stamp Duty (ABSD) or Seller's Stamp Duty (SSD) imposed on the property transaction.
Mr Clemence Lee (利伟强), Executive Director of Capital Markets, Singapore at CBRE says, “17 Hongkong Street presents a golden opportunity for investors to acquire a charming freehold trophy shophouse asset in a coveted location. The location’s strategic positioning at the nexus of several key districts is a key attribute supporting strong demand from both investors and tenants as it capitalises on the large working crowd from the CBD as well as the concentration of locals and tourists hanging out in this area.”
Mr Lee continues, “Further rejuvenation in the neighbourhood is underway with several upcoming projects that will transform it into an even more dynamic dining and nightlife destination. These include an upcoming new boutique luxury hotel at 27 – 33 New Bridge Road, the ongoing asset enhancement initiative at CQ @ Clarke Quay to transform it into a day-and-night destination, CanningHill Piers (a brand new landmark integrated development comprising 696 residential units, retail podium, hotel and serviced residence) and the proposed redevelopment of Central Square and Central Mall into an iconic 735,000 square feet mixed-use development. Coupled with the subject property’s outstanding building specifications, the incoming owner will be well-positioned to benefit from on impending rental upsides and capital appreciation over the mid- to long-term horizon.”
The sale will be conducted through an Expression of Interest (EOI) exercise, which closes on Wednesday, 11 October 2023, at 3pm.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2022 revenue). The company has approximately 115,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
