Photo of 205 Sims Avenue (Source: Huttons Asia)
A freehold corner terrace shophouse with dual frontage along Sims Avenue has been put for sale via an expression of interest (EOI) exercise at a guide price of $7.5 million. The two storey shophouse has a built-up area of approximately 3,830 sq ft. Based on the built-up area, the guide price works out to be $1,958 per sq ft.
The property sits on a land area of 3,705 sq ft that is zoned for Residential/ Institution use and has a freehold tenure. It is currently tenanted to a coffeeshop and has a wide frontage of approximately 30 m and 13.9 m along Lor 21A Geylang and Sims Avenue, respectively.
205 Sims Avenue is within a 5 minutes’ walk to Aljunied MRT station, a 7 minutes’ drive to Suntec City and the city centre. The property is also within close proximity to numerous renowned local and international schools like Kong Hwa School, Geylang Methodist School (Primary) and James Cook
University. There are numerous new private residential properties within the vicinity.
Jeremy Lim, Senior Group District Director of Huttons Asia Pte Ltd said: “Corner shophouses with dual frontage are rare and highly sought after. As the current coffeeshop is leased to famous and established tenants, the new owner can continue to enjoy an attractive yield or convert it into mid to high-end dining to increase the returns. The wide dual frontage makes it appealing for F&B operators.”
Hugo Xu, Group District Director of Huttons Asia commented that conservation shophouses with a freehold or 999-year leasehold tenure continue to be highly sought after by investors, including high-net-worth individuals. These properties are often seen as legacy assets, holding their values well due to the high demand and limited supply.
“District 14 is one of the most popular areas among shophouse investors. Furthermore, the attractive price quantum of below $10 million should appeal to many investors,” Mr Lee Sze Teck, Senior Director of Research concluded.
The EOI exercise will close on 20th July 2023 at 3pm.
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