SINGAPORE, 15 August 2024 /PRNewswire/ — Brilliance Capital Pte. Ltd. is pleased to present a unique investment opportunity: a heritage-listed, five-storey freehold commercial building on the iconic Hongkong Street, available for sale via an Expression of Interest (EOI). The property in question, located at 17 Hongkong Street, was completed after renovation in 2011. The building is exquisitely designed, with enchanting interiors and boasts first-class features including regular floor plans, generous ceiling heights and glass facades to the front and rear, which exemplify its modern yet timeless appeal. The carefully preserved facade adds to its appeal, exuding historic charm and blending seamlessly with modern architectural elements.
The property is located in a prominent location on Hongkong Street, an undiscovered treasure in Singapore known for its variety of restaurants and cafes, boutique hotels, offices and fitness and wellness studios. As the property is currently fully occupied, the new buyer can enjoy the security of immediate rental income and retain the property for stable long-term rental income. The ground floor is well let to a Michelin plate The award-winning Japanese restaurant Omakase is located on the upper floors, while the office space houses various companies, all easily accessible via a passenger elevator.
The building is located in the Upper Circular Conservation Area under Secondary Settlements Conservation on a plot of approximately 1,793 square feet zoned as “Commercial” with a plot area ratio of 4.2 as per the 2019 Master Plan. has a total building area of approx. 7,950 m². The building also has individual ownership rights per floor, increasing flexibility for future ownership.
Based on the guide price of S$45.8 millionthis price is attractive in the current market and for a freehold property, especially as demand for commercial properties continues to sustain and attract buyers from both local and overseas asset markets.
MS Sammi LimFounder and Managing Director of Brilliance Capital Pte Ltd, said: “Condominiums are highly sought after in Singaporeknown for its enduring value and investment security. A standout feature of this property is therefore its sought-after freehold title, which unlocks enormous potential for capital appreciation and growth, in perfect harmony with Singapore’s constantly evolving urban development curve.
Strategically located on Hongkong Street, just steps away from iconic attractions such as Clarke QuayChinatown, Raffles Place, National Gallery and Marina BayThis commercial building enjoys a privileged location in the heart of Singapore’s bustling financial, commercial and tourism hub. Known for its eclectic mix of culinary offerings, bespoke cafes, retail outlets, offices and galleries, Hongkong Street pulsates with vibrant energy, attracting a steady stream of foot traffic from both locals and tourists, creating an atmosphere of bustling excitement. In addition, the site continues to be rejuvenated, with several upcoming projects set to transform it into an even more dynamic dining and nightlife destination. This seamless integration not only speeds up the leasing process, but also opens up limitless possibilities for future growth and expansion. This exclusive opportunity entices forward-thinking investors to become part of this thriving landscape.
The lack of listed shophouses in Singapore significantly increases its attractiveness to investors and owner-occupiers. The property is also attractive for a company headquarters or family office operation. These properties are not only valuable due to their historical significance, but also represent a limited and highly sought-after asset class and will continue to be a popular asset class.”
Another advantage is that the commercial building, as a commercial property, does not incur additional buyer’s stamp duty (ABSD) or seller’s stamp duty (SSD). This offers investors more flexibility and cost efficiency in their investment decisions and increases the overall attractiveness of the property.
The property is exceptionally well-connected, with Clarke Quay MRT station just across the road and major expressways such as the Central Expressway (CTE), Marina Coastal Expressway (MCE) and Ayer Rajah Expressway (AYE) within easy reach. This robust connectivity ensures seamless transport options and meets the needs of businesses and visitors alike.
Brilliance Capital is the sole marketing agent for this expression of interest.
The expression of interest ends on 26 September 2024Thursday at 3:00 p.m.
About Brilliance Capital Pte. Ltd.
Brilliance Capital is a full-service real estate agency that assists and advises ultra-high net worth individuals, local and foreign family offices, as well as real estate developers, listed companies and local and foreign private funds in the purchase and sale of real estate assets. Founded and led by Sammi LimThe company employs the best professionals in the industry and has a dynamic team of agents specializing in the sale and rental of the full range of properties, including condominiums, vacation homes, commercial properties, industrial facilities, group sales, as well as advisory and support services.
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Source: Brilliance Capital
