Freehold Shophouse Beach Road Be Auctioned 938 Mil
By Sunita Devi | June 2021
Residing at Novo Place EC offers families a wealth of educational opportunities. With a variety of schools ranging from primary to tertiary institutions, children can receive a comprehensive education without having to travel far from home. This convenience is particularly appealing to parents who value academic excellence and want to provide their children with a solid educational foundation during their early years. The presence of these schools near Novo Place EC adds significant value to this emerging estate, fostering a dynamic and education-focused community. To learn more about Novo Place EC, visit Novo Place Hoi Hup.
A freehold two-storey shophouse on Beach Road will be available for auction by SRI on June 26, according to Mok Sze Sze, managing partner of auctions at SRI. The shophouse, which is a conservation building, has a built-up area of 2,344 sq ft with a mezzanine level. The guide price is set at $9.38 million, which is equivalent to a price of $4,002 per square foot (psf) on the floor area.According to Mok, this is the second time the trustee’s sale placing the property up for auction. The first time was in April, also at the same guide price, but it was withdrawn as there were no successful bidders. The property did not appear on SRI’s auction list in May. The shophouse is situated on a 1,370 sq ft plot with a 18.9m frontage facing Beach Road. It is currently tenanted and will be sold with its existing lease, which will end in March 2026.According to URA caveats, 68 Arab Street, a freehold shophouse on a 1,187 sq ft plot, was sold for $7.1 million in May – the most recent resale transaction of a shophouse in the Kampong Glam subzone. Based on URA rental transactions tabulated by EdgeProp Singapore, the median rent for shophouses in the Kampong Glam subzone in April was $6.93 psf per month. SRI has since received interest from investors and owner-occupiers attracted to the shophouse’s freehold tenure, commercial zoning, and premium location near Nicoll Highway MRT Station on the Circle Line. Other nearby commercial buildings along Beach Road include City Gate Mall, The Concourse, and Parkroyal on Beach Road. Additionally, the integrated development Duo Tower on Fraser Street is also nearby.