JLL Singapore offering shophouse portfolio
A sales portfolio of conservation shophouses with a total value of S$160 million (US$118.7 million) is being offered by JLL Singapore as exclusive marketing agent.
The Shophouse Collection features shophouses in Boat Quay, Circular Road, Upper Circular Road, New Bridge Road, Serangoon Road and Tanjong Pagar. The portfolio is being released for sale in phases via public tender.
Phase one comprises two clusters of shophouses, The Boat Quay cluster and The New Bridge Road cluster.
Gazetted for conservation in July 1989, the Boat Quay area is one of Singapore’s oldest precincts. Now an F&B, lifestyle and entertainment destination, offering waterfront dining experiences, it is a key tourist attraction.
Led by the Urban Redevelopment Authority (URA) and Singapore River Organisation (SRO), Boat Quay has had a $5 million facelift to revitalise its outdoor dining area. A standardised outdoor veranda has been built along the 330m river promenade.
The assets can be acquired collectively or individually.
“With fewer than 7000 shophouses in Singapore, pre-war shophouses are prized given their conservation status, architecture and heritage,” says JLL capital markets associate director Clemence Lee.
He says the shophouses on Boat Quay and Circular Road, with their coveted 999-year tenure, represent the “crème de la crème” of shophouse assets. The 59 shophouses along Boat Quay are the only private waterfront shophouses in Singapore.
Between Boat Quay and Clarke Quay, the New Bridge Road cluster comprises a contiguous row of four four-storey corner-block shophouses plus a nearby five-storey commercial building. The area is a rising F&B lifestyle destination with such restaurants as Michelin-starred The Kitchen at Bacchanalia and FOC (run by Michelin-starred chef Nandu Jubany), as well as cocktail bar 28 Hong Kong Street (named “Best bar in Asia”). The area also has a co-working space, The Hive.
Tenders for phase one close on January 24.