Three freehold shophouses in Holland Village at 29B/29C, 31/31A, and 33/33A Lorong Liput have been sold for S$70 million to TL Developments, which is understood to be linked to the Goh family of Tat Lee Bank fame. The transaction, which exceeded the S$60 million guide price, highlights investor interest in prime, non-conservation commercial assets in Singapore.
Why Did the Property Sell Above Guide Price?
The sale price of S$70 million surpassed the S$60 million guide price indicated for an informal expression of interest exercise that concluded in May. According to CBRE’s director of capital markets for Singapore, Joshua Giam, who acted for the sellers, the site drew “good response” from bidders comprising mainly family offices and ultra-high-net-worth individuals. Giam noted that the asset is a prominent freehold corner site with a land area of 7,543 square feet. He added that this is not a conservation property, and it is in a good location.
The buyer, TL Developments, is understood to be linked to the Goh family, whose patriarch Goh Tjoei Kok founded Tat Lee Bank in 1973. The bank merged with Keppel Bank in 1998 to form Keppel TatLee Bank, which was later acquired by OCBC Bank in 2001.
What Is the Current Commercial Landscape in Holland Village?
The two-storey shophouses are fully let. Current tenants include Pet Lovers Centre, which has leased the upper level space of 31 and 33 Lorong Liput, and F&B outlets. Tai Cheong Bakery and Yee Cheong Yuen Noodle Restaurant occupy the lower level of 31. The lower level of the neighbouring shophouse at 33 is leased to a coffee shop. Part of the Natureland massage and spa outlet in Lorong Liput is housed at 29B/29C.
Earlier this year, private investor Cheong Sim Lam, of the Cheong family that controls Hong Fok Corporation, acquired the freehold Holland Piazza from Eng Tiong Realty for S$100 million. That transaction equated to S$4,586 per square foot based on a gross floor area of 21,806 square feet.
How Do These Investments Compare?
The following table highlights the recent activity:
| Asset | Buyer/Group | Reported Price |
|---|---|---|
| Holland Piazza | Cheong Sim Lam | S$100 million |
| 29-33 Lorong Liput | TL Developments | S$70 million |
When evaluating commercial shophouse investments, always check for conservation status. Non-conservation assets, like those at Lorong Liput, may offer different considerations.
Frequently Asked Questions
- Who brokered the sale of the Lorong Liput shophouses? CBRE’s director of capital markets for Singapore, Joshua Giam, acted for the sellers, while Yap Hui Yee, executive director of investment sales and capital markets at Savills Singapore, acted for the buyer.
- Are these shophouses under conservation? No, this is not a conservation property.
- Where are these shophouses located? They are located opposite the Holland Piazza mall, a short walk from the Holland Village MRT station on the Circle Line.
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