An adjoining pair of shophouses on Hongkong Street is up for sale at a combined guide price of $42 million. This works out to about $2,675 psf, based on an existing maximum gross floor area of 15,703 sq ft across the two properties.
The four-storey commercial conservation shophouses at 18 and 19 Hongkong Street sit on a combined site area of approximately 3,676 sq ft, and can be purchased either individually or collectively, according to exclusive marketing agent Knight Frank Singapore.
18 Hongkong Street is a four-storey commercial conservation shophouse situated on approximately 1,884 sq ft of land with an existing gross floor area of approximately 5,074 sq ft.
The property is currently approved for use as a backpackers' hostel, and is being offered for sale at a guide price of $14.5 million. This works out to about $2,858 psf.
Meanwhile, 19 Hongkong Street comprises a four-storey commercial conservation shophouse with a six-storey rear extension, situated on approximately 1,792 sq ft of land with an existing floor area of approximately 8,842 sq ft.
The property underwent an extensive, $7 million asset enhancement initiative, completed in 2015, which included topping up the lease to a fresh 99-year tenure, installing a passenger lift serving all floors, creating a private on-site car park lot and upgrading building specifications.
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Current tenants at this property include a gym and an event florist. 19 Hongkong Street is being offered at a guide price of $27.5 million, which works out to about $3,111 psf.
Under the Urban Redevelopment Authority’s (URA) 2025 Master Plan, both are zoned “Commercial” with a maximum permissible plot ratio of 4.2.
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Situated along vibrant Hongkong Street between Clarke Quay and Boat Quay, the properties occupy one of Singapore’s established lifestyle precincts.
Within walking distance of Raffles Place, Clarke Quay and Chinatown MRT Stations, the properties benefit from excellent connectivity, a vibrant mix of restaurants, bars, boutique hotels, offices and lifestyle operators, together with immediate access to the Central Business District.
The offer follows URA’s recent planning revisions for select sites within the Upper Circular Road precinct, which may allow accommodation-led uses on commercial properties, subject to relevant approvals.
The existing backpackers’ hostel approval at 18 Hongkong Street, coupled with upgraded building specifications, a passenger lift and a longer lease tenure at 19 Hongkong Street, provides investors with an attractive platform to explore “larger-scale accommodation-led repositioning”, says Knight Frank Singapore. “Combined ownership also creates greater flexibility in planning, circulation and operational efficiency for future accommodation uses.”
Dayna Ang, senior manager, Knight Frank Singapore, says: “Demand for scarce commercial shophouses is expected to remain well-supported by investors seeking stable, tangible assets with long-term capital preservation and value creation potential. What distinguishes this offering is the opportunity to acquire two adjoining assets with complementary characteristics that create meaningful repositioning potential beyond what either property can offer individually.”
The properties are open to foreign purchasers and are not subject to additional buyer’s stamp duty (ABSD) or seller’s stamp duty (SSD).
The expression of interest exercise will close at 3pm on Aug 25.
18 Hongkong Street was placed on the market with a $10.1 million asking price in 2023, while 19 Hongkong Street was put up for sale for $18 million in 2018.
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