SINGAPORE – Media OutReach – 6 December 2018 – Auctionjia, a local O2O (online-to-offline) real estate agency that combines real estate broking services with an online auction platform, has put up a rare freehold shophouse at 28 Stanley Street for sale.
Conveniently located a stone’s throw away from Telok Ayer MRT station in the heart of the Central Business District (CBD), the four-storey conservation shophouse with a roof terrace balcony occupies a land area of 1,729 square feet with a gross floor area of about 6,485 square feet.
The property is also easily accessible by major expressways including the Marina Coastal Expressway and Central Expressway.
Auctionjia Co-Founder and Director Jessie Low said: “Shophouses have always been highly sought-after for their heritage charm and scarcity. We believe the freehold tenure of this Stanley Street shophouse and its excellent location will provide attractive rental yields and potential for long-term capital appreciation.”
The Telok Ayer Conservation Area has undergone gentrification in recent years and seen a flourishing of F&B, entertainment and lifestyle establishments that serve the many offices located in the CBD.
The ground floor of 28 Stanley Street is currently leased to a café selling healthy and organic food, while the third and fourth floors are leased to a corporate services provider. The second storey is vacant with potential to house another restaurant.
As the property sits on land zoned for commercial use, foreigners are eligible to buy and there is also no Additional Buyer’s Stamp Duty or Seller’s Stamp Duty to be paid.
Auctionjia is inviting offers through an expression of interest exercise which closes at
3 pm on 12 December 2018.
The firm was launched slightly over a year ago to provide buyers and sellers of properties with an option for an online auction which it believes is a faster, more cost-effective and transparent way of transacting real estate. The process allows buyers and sellers to see all bids and create competitive tension between bidders.
Auctionjia also provides a state-of-the-art three-dimensional virtual tour for all its listed properties. Prospective buyers can have a virtual walkthrough of the properties from the comfort of their homes. The online auctions are typically held over a few days on Auctionjia’s website, and only verified participants can submit their bids.
Over the past year, Auctionjia has been expanding by hiring highly experienced agents and broadening its services to cover rentals, private treaty and auction sales of private residential, commercial and HDB units. It has since sold 11 properties on its website, with sellers benefiting from lower commissions, free virtual tours, social media marketing, and genuine buyers on its platform.
Auctionjia was founded by Jessie Low, a veteran commercial and private banker, Galvin Chong, an experienced property agent of 18 years, and Jeffrey Tay, a veteran of port operations with eight years’ property agent experience. William Low, currently working in the finance industry, serves as Non-Executive Director.
The idea for Auctionjia was borne out of many frustrating experiences Mr Low encountered when he was scouring the market for his first home. He found the process of searching through property listing websites agonising, partly because it was prolonged by fake listings by agents and sellers who were just testing the market. He then participated in a few property auctions and found them to be more efficient. He reckoned they could be improved further by using technology.
Ms Low added: “Technology has disrupted many industries and real estate is not immune. Auctionjia believes in embracing technology to make a difference in the way buyers and sellers transact properties. We want to make buying a home or an office space a blissful experience for today’s discerning and digitally-savvy consumers.”