Shophouses at Kampong Glam |
KAMPONG GLAM, A historic district associated with rich Malay heritage and Arab culture, is today popular with tourists and locals alike. Its strong heritage can be experienced through its historical architecture, exotic food, vibrant cultural activities and authentic atmosphere. People all over come to enjoy the unique ambience and traditional offerings.
Conservation shophouses for sale
Shophouses in Kampong Glam are similarly appreciated. From 2002 to 2003, URA had successfully sold all 31 parcels of restored shophouses at Bussorah Street. This was followed by an auction of 10 unrestored conservation shophouses at Kampong Glam last year.
On 8 March 2006, another 11 twostorey unrestored conservation shophouses at North Bridge Road and Jalan Pinang were put under the auctioneer’s hammer On 99- year leases, these land parcels are within Kampong Glam Historic District and designated for commercial use.
To preserve the character and heritage of the Historic District, the successful bidders of the unrestored conservation shophouses must restore these shophouses according to the Sales Conditions and Conservation Guidelines for Historic Districts.
Intense bidding
With their proximity to the majestic Sultan Mosque, a national monument with distinctive architecture, and the Malay Heritage Centre, the shophouses attracted many individual investors and owners of businesses to the auction, which was held at The URA Centre. More than 100 people attended it. The intense bidding lasted four hours, and successful bidders could be seen smiling proudly once their winning bids closed. The shophouses were sold for between $420,000 for a site area of 94.7sqm and $1.855 million for a site area of 288.1sqm.
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Somerset site tender closed on high note
The tender for Orchard Road / Killiney Road (Somerset) site closed on 18 January 2006 with six competitive bids. Far East Organisation (Orchard City Pte Ltd) clinched the tender and was awarded the site on 20 January as their tender price was highest at $421.1 million, or $11,682.62 per square metre. In terms of psm per plot ratio, this price was higher than that of Orchard Turn’s, a very prime site in the Orchard Road area which was sold in December 2005.
The Somerset site is envisaged as another anchor retail development along Orchard Road, and minimally 60% of the total GFA has to be built for retail, food & beverage and/or entertainment use. The remaining GFA can be developed for other commercial and complementary hotel and residential uses. With a potential height of 16 storeys, the development will have an underground pedestrian mall that will connect from Centrepoint Shopping Centre to Somerset MRT Station.
The adjacent site at Orchard Rd / Somerset Rd (Somerset Central site) will be placed on Reserve List in March 2006 for developers to make an application for it to be put up for tender.
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