Freehold five-storey commercial shophouse on Hongkong Street for sale at $45.8 mil

Over the past two decades, Hongkong Street has transformed into a vibrant area with a mix of new buildings and conservation shophouses. “There are new restaurants, cafes, boutique hotels, offices, as well as fitness and wellness studios in the area,” says Sammi Lim, founder and executive director of property marketing agency Brilliance Capital. Hongkong Street is located within the Upper Circular Conservation Area, a Secondary Settlement Conservation Area, where the façades of shophouses have to be conserved. However, owners have the flexibility to build a new five-storey rear extension. Lim is marketing a five-storey, freehold commercial shophouse at 17 Hongkong Street, which is up for sale through an expression of interest (EOI). Read also: Hongkong Street shophouse on the market for $23.65 mil Advertisement Advertisement The building sits on a land area of 1,793 sq ft zoned “commercial” with a 4.2 plot ratio under the Master Plan 2019. It was redeveloped in 2011 into a new five-storey building with a total built-up area of 7,950 sq ft. One of the architectural features of 17 Hongkong Street is the sculptural staircase at the air well, which links the front with the rear extension on every floor. Property developer and management company Chye Lee & Sons owns the entire building and is also an occupant there. The rest of the building has been leased. Japanese Omakase restaurant Shunsui is on the first level, and interior design firm Bstudio is on the second level. Health and wellness consultant Biohackk is on the third floor, while Orient Project Shipping is on the top floor. The property was offered for sale by EOI at $47.5 million in September 2023. This time, the asking price has been adjusted to $45.8 million and the EOI will close on Sept 26. Many of the buildings along Hongkong Street have 99-year leases, some of which have less than 30 years left. Hence, a freehold building like 17 Hongkong Street is extremely rare, says Lim. Each floor of the building on Hongkong Street has its own strata title. She adds that the buyer can sell the individual strata floors if they wish. The future owner of 17 Hongkong Street may also consider converting the building into a hotel, subject to approval from the authorities. Lim sees the building attracting interest from family offices, investors from China, Hong Kong, and Taiwan, and the next generation of wealthy Singaporeans. “Shophouses are like art pieces,” she adds. Every shophouse is different.” Read also: Hongkong Street shophouse with hotel and restaurant tenants on the market for $35 mil Advertisement Advertisement The building at 17 Hongkong Street is a short walk from the restaurants and cafes along the street and the neighbouring Carpenter Street. Clarke Quay MRT Station and The Central Mall are just across the road. Nearby are Boat Quay, Clarke Quay, Chinatown, Raffles Place and the CBD area. The last transaction on Hongkong Street was for a neighbouring building just two doors away, which changed hands for $9.6 million. However, the building has a 99-year lease from 1951 and will likely be redeveloped.