Two adjoining conservation shophouses on Telok Ayer Street, with a total floor area of approximately 8,000 sq ft, are currently up for sale through an expression of interest (EOI) exercise with an indicative price of $42 million. The EOI, which is being marketed by ERA Realty Network, is set to close on Oct 17 at 3pm.Located within the highly coveted Telok Ayer Conservation Area, the shophouses at 132 and 134 Telok Ayer Street boast a 999-year leasehold tenure and a combined land area of around 2,841 sq ft. They are zoned for commercial use and present an attractive investment opportunity.The shophouses are in a prime location, just a two-minute walk from the Telok Ayer MRT Station on the Downtown Line and near the corner of Telok Ayer Street and Boon Tat Road. They are surrounded by other shophouses along Amoy Street, Ann Siang Road, Boon Tan Street, and Club Street, making them a valuable part of the Telok Ayer Conservation Area.The indicative price of $42 million translates to approximately $5,250 per square foot (psf) on the floor area of the shophouses, which amounts to a total of around 8,000 sq ft. According to Steve Tan, managing director of capital markets and investment sales at ERA Realty Network, this price could potentially set a new record due to the shophouses’ excellent location and the increasing popularity of shophouses in the Chinatown-Telok Ayer area among investors.In recent times, there has been a notable surge in investor activity following the announcement of the US Federal Reserve’s plan to lower interest rates. Tan predicts that this trend will continue and expects to see more record-breaking deals in both shophouses and strata commercial units in the upcoming months.So far, ERA Realty Network is the exclusive marketing agent for the shophouses. Interested buyers can submit their bids for the expression of interest exercise until Oct 17 at 3pm. Check out the latest listings for Telok Ayer Conservation Area and other commercial properties on EdgeProp Buddy.
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