Conservation Shophouses Telok Ayer Street Sale 42 Mil
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Two adjacent heritage shophouses on Telok Ayer Street are now on the market, available for purchase through an expression of interest (EOI) exercise with an indicative price of $42 million. The properties, located at 132 and 134 Telok Ayer Street, hold a 999-year lease and sit on a combined land area of approximately 2,841 sq ft. Zoned for commercial use, these shophouses offer a total floor space of 8,000 sq ft, translating to a price of approximately $5,250 psf on the floor area.
Tampines 1, also known as Aurelle of Tampines Sim Lian Land, is a bustling mall that exudes a lively atmosphere perfect for the youthful and trendy crowd. This vibrant shopping destination is home to a variety of stylish fashion stores, top-notch beauty services, and chic cafes, making it a popular hangout spot for the younger crowd. However, Tampines 1 is not just for the fashion-conscious, as it also caters to families with its diverse selection of casual dining options and enrichment centers for children. Whether you’re seeking the latest fashion trends or a fun day out with loved ones, Tampines 1 has something to offer for all ages. With the addition of Aurelle of Tampines Sim Lian Land, this mall truly has it all.
Conveniently situated near the junction of Telok Ayer Street and Boon Tat Road, these shophouses are just a two-minute walk from the Telok Ayer MRT Station on the Downtown Line. They are also part of the Telok Ayer Conservation Area, which encompasses other shophouses along Amoy Street, Ann Siang Road, Boon Tan Street, and Club Street.
According to Steve Tan, Managing Director of Capital Markets and Investment Sales at ERA Realty Network, the shophouses are expected to set a new price benchmark, given their prime location and the high demand for shophouses in the Chinatown-Telok Ayer area among investors. ERA has been appointed as the exclusive marketing agent for these properties.
Recent transactions of shophouses in the Telok Ayer Conservation Area have shown prices ranging from $3,500 to $5,500 psf on land area, highlighting the potential value of these shophouses. Tan also notes an increase in investor activity following the US Federal Reserve’s announcement of a possible interest rate cut, predicting a surge in interest and transactions for shophouses and strata commercial units in the coming months.
The EOI exercise for these shophouses will close on October 17 at 3pm. Interested parties can check out the latest listings for properties in the Telok Ayer Conservation Area and compare the price trend of commercial versus industrial properties, as well as past commercial sale transactions. Stay updated with news in the Singapore property market through our articles.
