TWO conservation shophouses in historic Kampong Glam are changing hands for a total of S$29 million.

A South Korean party is paying S$18.8 million for 11 Bali Lane, where the Blu Jaz Cafe operates, and S$10.2 million for 241 Beach Road, which houses Piedra Negra Mexican Bar and Restaurant.

Both F&B outlets are operated by the Blu Jaz group, which has leased the two properties from the seller, an Indonesia citizen-turned-Singaporean involved in a range of businesses, including investing in shophouses.

Both shophouses are on 999-year leasehold sites. The Bali Lane property has three levels with a total built-up area of around 4,680 sq ft, say sources. The price translates to slightly over S$4,000 psf.