999-Year Tenure, CBD Commercial Shophouse at 8 Circular Rd For Sale Via Expression Of Interest

Singapore, 27 July 2023 – CBRE, as the exclusive marketing agent, is pleased to offer for sale a 999-year tenure commercial shophouse in the Central Business District (CBD) - 8 Circular Road. The sale will be conducted via an Expression of Interest exercise which will close on Tuesday, 22 August 2023, at 12pm.

The property is a 3-storey conserved shophouse in the heart of the Boat Quay Conservation Area. It is situated on a land plot measuring approximately 1,080 sqft and zoned full “Commercial”. The property has a built-up area of approximately 3,082 sqft, including a roof terrace of approximately 180 sqft on Level 3. It is currently fully-tenanted with approved use as night club on Level 1, office on Level 2 and restaurant on Level 3. 

The property has a prominent street frontage and is strategically located near the junction of Circular Road and South Bridge Road. Circular Road is home to a myriad of F&B brands, the street houses well-known local eateries such as Dumpling Darlings and The Dragon Chamber, and renowned, international ones such as Sushi Koike and Tendon Kohaku. The area also comes alive at night with bars and clubs like Sleeping Giants and Club Limelight.

The property is within the CBD, allowing it to benefit from the large worker crowd in the area. It is approximately 5 minutes’ walk from Clarke Quay (NE5) and Raffles Place (NS26 / EW14) MRT stations. Nearby landmarks include Clarke Quay Central, an integrated lifestyle development, and One George Street, a Grade-A office development.

The guide price is S$19.8 million, which translates to approximately S$6,424 per square foot on the estimated gross floor area. As the property is a commercial shophouse, no Additional Buyer’s Stamp Duty or Seller’s Stamp Duty will be imposed on a transaction. 

Mr Joshua Giam (严耀祥), CBRE Associate Director of Capital Markets, Singapore, observed, “Shophouses with a freehold or 999-year tenure in the area are often tightly held. The Property also comes with both F&B and night club approval which is hard to come by. With a strong demand for shophouses in the CBD from family offices and high-net-worth individuals, this presents an opportunity to acquire a prime asset in an area with strong rental demand and a palatable quantum. The property’s 999-year tenure also makes it an ideal asset for wealth preservation.”

“In addition, the property has a unique and auspicious address. The number “8” stands for good luck and prosperity in Chinese and other Asian cultures. It is also believed to bring in good “feng shui”, with the number “8” looking like the infinity symbol and representing continued abundance and success”, he added.

Collectively, the property presents an attractive opportunity for investors and owner-occupiers to acquire a prime interest in the CBD that is almost akin to freehold interest, with an auspicious address.