D07 & D08 July – Nov Shophouse Caveats

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D07 And D08 Shophouse Caveats for sale

D07 & D08 Shophouse Caveats July-Nov2014

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Shophouse built in 1800s for sale

Purvis Street Shophouse for Sale

Purvis Street Shophouse for Sale

A rare two-storey conservation shophouse at 24 Purvis Street, right in the heart of the central business district, has been put up for sale as vacant possession. 

According to the title deed, the original property dates back to 1827 during Singapore’s early years, but extensive renovation work was done to the interiors to modernise it and make it elder-friendly.

One of the owners who wanted to be known as Mr Tan, told PropertyGuru that he has lived in the shophouse for more than 20 years and that it used to be home to four generations of his family. 

“Age is catching up on me and I want to move to a smaller place,” noted the 71-year-old.

At one time, around 15 family members stayed there, including the children and grandchildren.  

Aside from residential use, the premises had been used for other purposes, such as the trading business and was even a photo studio during the 1980s.  

With a land area of 1,679 sq ft, the existing property consists of seven rooms and two bathrooms. There is also an indoor and outdoor kitchen. Offered on a 999-year lease, it comes with a price tag of $7.6 million.   

Huttons agent Ethan Koh, who is marketing the shophouse, said such properties located within the city limits start from about $5 million. He has already received numerous enquiries from curious buyers looking to find out more about this listing, many of whom are Singaporeans.  

He believes the location and the fact that not many shophouses in the area are up for sale have contributed to the strong interest. 

“The site is close to the Bugis and City Hall MRT stations while the Downtown MRT line is a short distance away,” Koh said. Other nearby landmarks include the historic Raffles Hotel, Suntec City and the upcoming South Beach integrated development. 

Zoned for residential and commercial use, this means that the property is still eligible for ABSD. Potential buyers can convert the site into a luxury residential property, boutique hotel or even offices. Meanwhile, investors are looking at potential monthly rental returns of $10,000 and above. 

Furthermore, with prior written approval from the URA, the new owners may be able to add more floors to the back of the shophouse – by up to five storeys.

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Transactions are considered lower for the overall transaction in Singapore.

 

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