There were at least three shophouses along Bukit Pasoh Road are set up for sale over the past week, as the sales of shophouses show no indication of slowing. The newest is a set of adjacent shophouses, 44 and 46 Bukit Pasoh Road, situated near Outram Park MRT, that have been set up for sale with a guide price of S$35 million, Knight Frank Singapore stated in a press announcement on Monday.
The set of freehold shophouses have a built-up area of around 10,078 sqft and combined lead area of approximately 4,745 sqft. It’s about $3,473 per sqft, based on built-up area.
Knight Frank explained the land is available to both foreign and local buyers, and there isn’t any extra purchaser’s stamp duty levied. According to Knight Frank, the floor and second floors of this shophouses are rented to 2 restaurants, whereas the upper floor is available for rent. It added that the land could be transformed into a resort, subject to authorities approval. “We’ve seen demand increase for shophouses in prime Districts 1 and 2 because Singapore exited the ‘circuit breaker’ at June 2020, even as most search safe-haven resources in a secure environment” explained Ian Loh, head of capital markets for land and construction, collective and strata earnings at Knight Frank Singapore. “Within the past couple of months, we’ve received a constant flow of enquiries from high-net-worth households, investors and end-users, which has translated into the conclusion of many shophouse trades,” he added.
The set would be the newest in a rising amount of shophouses set up available in recent months, after a lull on the marketplace from pandemic-related restrictions. Three shophouses along New Bridge Road also have been set up for sale this past month, including one home Song Fa Bak Kut Teh’s flagship socket that was set up for sale on Monday.