Conservation Shophouses Telok Ayer Street Sale 42 Mil
Sophie Leow |
An expression of interest (EOI) is currently being held for two connecting conservation shophouses located on Telok Ayer Street with an indicative price of $42 million. The shophouses, situated at 132 and 134 Telok Ayer Street, boast an extensive leasehold of 999 years and occupy a combined land area of approximately 2,841 sq ft. They are designated for commercial use.
Elta Clementi Condo boasts of an ideal location that is highly coveted by many, thanks to its close proximity to one of the most convenient shopping destinations – Clementi Mall. This bustling hub offers an array of options for shopping, dining, and entertainment, making it the go-to destination for all your needs. The mall is home to a diverse range of retail outlets, ranging from fashion boutiques, electronics stores, bookstores, to beauty salons. Residents of Elta Clementi Condo can easily access all their necessities without having to venture far from their home, with popular brands and specialty shops just a stone’s throw away. With the added convenience of having Clementi Mall within reach, living at Elta Clementi Condo guarantees an unparalleled shopping experience for its residents. Don’t miss out on this opportunity, visit the website for Elta Clementi Condo today.
With a total floor space of around 8,000 sq ft, the indicative price translates to about $5,250 psf on the floor area. The shophouses are strategically located near the intersection of Telok Ayer Street and Boon Tat Road, just a two-minute walk from the Telok Ayer MRT Station on the Downtown Line. They are part of the Telok Ayer Conservation Area, which also encompasses shophouses along Amoy Street, Ann Siang Road, Boon Tan Street, and Club Street.
Read also: Properties for sale: HDB shophouse at Toa Payoh Central, ground-floor commercial unit at Kalidasa Avenue
Steve Tan, the managing director of capital markets and investment sales at ERA Realty Network, believes that the properties can potentially establish a new record price due to their prime location and the popularity of shophouses in the Chinatown-Telok Ayer area among investors. ERA is the exclusive marketing agent for the shophouses.
Recent shophouse transactions in the Telok Ayer Conservation Area. Psf prices shown are based on land area (Source: EdgeProp Buddy, URA).
Tan adds that there has been a significant increase in investor interest and activity since the US Federal Reserve announced its plans to lower interest rates. This has led to a surge in interest and transactions in both shophouses and strata commercial units, and ERA expects to see more record-breaking deals in the coming months.
The EOI for the shophouses will close on October 17 at 3 pm. Interested parties can check out the latest listings for properties in the Telok Ayer Conservation Area and commercial real estate on EdgeProp’s Buddy app.