A pair of adjoining conservation shophouses on Telok Ayer Street has been put on the market through an expression of interest (EOI) exercise with an indicative price of $42 million. Spanning a total land area of about 2,841 sq ft, the shophouses, located at 132 and 134 Telok Ayer Street, boast a 999-year leasehold tenure and are reserved for commercial use.Taking into account their total floor space of approximately 8,000 sq ft, the indicative price translates to an estimated $5,250 per square foot on the floor area. Positioned near the junction of Telok Ayer Street and Boon Tat Road, it takes only about two minutes to reach the Telok Ayer MRT Station on the Downtown Line. Additionally, these shophouses are situated within the larger Telok Ayer Conservation Area, which also covers other shophouses along Amoy Street, Ann Siang Road, Boon Tan Street and Club Street.A closer look at recent shophouse transactions specifically within the Telok Ayer Conservation Area reveals a strong trend towards record-breaking prices. Steve Tan, managing director of capital markets and investment sales at ERA Realty Network, believes that these properties could “very well establish a new record price” within the same neighborhood, thanks to its highly sought-after location and the already booming popularity of shophouses among investors in the Chinatown-Telok Ayer district. In fact, ERA has already been appointed the exclusive marketing agent for these two shophouses.Already, there have been increased activities among investors following the US Federal Reserve’s recent announcement to lower interest rates. Tan himself has observed a steady uptick in interest and transactions for both shophouses and strata commercial units, and expects such trend to continue in the coming months. The EOI is set to close on October 17th at 3pm, so be sure to check out the latest listings for Telok Ayer Conservation Area and Commercial Real Estate properties today.
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