-- CBRE, as the exclusive marketing agent, is pleased to offer for sale a freehold shophouse unit located on the second floor of a 2-storey corner shophouse located at 31A Lorong Mambong. The sale will be conducted through an Expression of Interest exercise, which will close on Thursday, 8 February 2024, at 3pm.
The asset commands an impressive dual road frontage of approximately 33 metres, spanning across Lorong Mambong and a service lane. The unit has an estimated strata area of about 2,293 sq ft and is presently fully-tenanted to an established Gym / Fitness chain with multiple outlets islandwide, offering the incoming investor with stable and immediate rental income.
The shophouse unit has an indicative guide price of S$9.6 million, or approximately S$4,200 psf on the existing strata area. Being a property that is zoned for ‘Commercial’ use under the 2019 Master Plan and both locals and foreigners are eligible to purchase the subject property, with no Additional Buyer’s Stamp Duty (ABSD) or Seller’s Stamp Duty (SSD) imposed on the purchase.
Clemence Lee, Executive Director of Capital Markets, Singapore at CBRE, says, “Astute investors understand the rarity of such palatable freehold shophouse units, which are typically tightly held and rarely made available for sale. With only 66 commercial shophouses in Holland Village and the scarcity of such suburban shophouse opportunities in general, we expect the investment opportunity to garner strong interest from a wide range of investors such as family offices, owner-occupiers, local companies, and high-net-worth individuals.”
Nestled right in the heart of District 10, one of Singapore’s most affluent residential estates, Holland Village was previously known as an expatriate neighbourhood in Singapore’s pre-independence days. Today, the district has evolved into a bustling and popular F&B lifestyle destination that offers a wide variety of cafés, restaurants, and bars that are frequented by locals and tourists alike. Some renowned and popular establishments include – Little Farms Market, Crystal Jade, Bird of Paradise, Lola’s, Tai Cheong Bakery and Two Men Bagel House. At dusk, the entire street along Lorong Mambong bustles with life as the single lane road is closed to vehicles, with the restaurants and bars lined up along both sides of the road typically filled with patrons.
Mr Lee adds, “The long-awaited retail mall at One Holland Village opened its doors in early December 2023, injecting a refreshing wave of retail offerings and vibrancy to Holland Village. The open-air pet-friendly mall connects seamlessly with the commercial shophouses at Lorong Mambong and Lorong Liput, evokes a nostalgic and homely village atmosphere, and uplifts the district with a new mix of dining options and eclectic retail outlets. The landmark mega-project is also set to generate further positive spillovers with the completion of One Holland Village Residences, comprising 296 new residential apartments and 255 serviced apartment units by end-2024.
Although the unit is presently occupied by a Gym / Fitness Centre, the incoming owner can look to unlock further rental and capital values by changing its use into F&B or for Accommodation uses. Under F&B uses, the 2nd floor shophouse unit can potentially be converted to a Nightclub, Bar, or Restaurant with Live Music/Performance. Alternatively, the unit can also potentially accommodate a Hotel, Serviced Apartment or Backpackers’ Hostel. These changes of use will all be subject to approval from the relevant authorities.
The asset enjoys excellent accessibility with close proximity to public transportation nodes, such as Holland Village MRT and a bus stop along Holland Road - both located at just a short 3-minutes walk away. The nearby Pan-Island Expressway (PIE) and Ayer-Rajah Expressway (AYE) also make it easily accessible from other parts of Singapore.
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.
