Extremely rare 999-year Purvis Street shophouse with full F&B approval and value-add potential for sale

Conveniently located in the heart of Singapore's Civic and Cultural District, the area is highly pedestrianised, frequented by tourists and can be easily accessed by an extensive public transportation network that connects to the Central Business District and other areas of Singapore. The shophouse sits on a land area of approximately 1,679 square feet with an existing gross floor area of approximately 3,702 square feet.

Under the Urban Redevelopment Authority's (URA) Master Plan 2019, the shophouse is zoned “Commercial and Residential” with a plot ratio of 4.2 and a five-storey rear extension permitted. This allows for value-add potential to intensify the floor area to approximately 7,052 square feet.

Both levels of the property come with rare “restaurant” approvals and include the necessary provisions for F&B operators. The property boasts strong tenant profiles with the ground floor currently occupied by Fizzy Dayz, a casual diner bar concept by award-winning Nutmeg & Clove group, while the upper floors are occupied by a popular board game café operator King and the Pawn.

The Purvis Street/Seah Street enclave has reinvented itself over the years to become a posh locale peppered with distinctive, well-preserved shophouses housing an eclectic mix of cafés, art galleries, and lifestyle retail outlets. It has become one of Singapore’s trendiest lifestyle and F&B destinations among locals and expatriates. The prominent commercial landmarks located within the vicinity include Raffles Hotel, one of the world’s most iconic luxury hotels;South Beach Integrated Development, which comprises of JW Hotel, South Beach Office Tower, and South Beach Residences; and Suntec City.

In addition, the precinct is enjoying a new wave of gentrification, with numerous new developments upcoming, including Guoco Midtown, Guoco Midtown II & Midtown Modern, Shaw Towers redevelopment, and The M Condominium. Some popular establishments in the vicinity include Gunther’s, Garibaldi Restaurant & Bar, Yhingthai Palace, Saveur, Pinhole Coffee Bar, Clinton Street Baking Company, Chin Chin Eating House, Fizzy Dayz and King and the Pawn.

The Property is conveniently situated within walking distance of three MRT stations: Bugis (EW12 / DT14), City Hall (EW13 / NS25) & Esplanade (CC3). Street parking lots are also located right in front of the property and there is ample parking in the neighbouring Beach Centre office building, Raffles Hotel and South Beach development.

Ms Yap Hui Yee, Executive Director, Investment Sales & Capital Markets at Savills Singapore, shared: “24 Purvis Street presents a compelling opportunity for investors to acquire a rarely available for sale 999-year shophouse in the heart of City Hall. With significant value-add potential, further capital and rental value can be unlocked by building a rear extension to the existing property to increase the floor area and introduce new tenant concepts. Alternative uses such as hospitality, accommodation, wellness and healthcare can be explored, subject to approval from the relevant authorities.”

Ms Yap added: “The locale is also poised to benefit from the vibrancy and increased population catchment from neighbouring existing and upcoming residential and commercial developments.”

Indicative price for the Properties is S$17.8 million, which translates to about S$2,876 per square foot per plot ratio. The sale will be conducted through an Expression of Interest exercise, which closes on 21 June 2023, Wednesday at 3pm.