The property occupies a 1,443 sq ft site and has an existing gross floor area (GFA) of around 4,263 sq ft, excluding a 420 sq ft pedestrian walkway and the roof terrace. Photo: Knight Frank
A 4-storey conservation shophouse at 21 New Bridge Road has been put up for sale via expression of interest (EOI) that is set to close on 14 October, revealed marketing agent Knight Frank.
Located between popular F&B and entertainment hotspots Boat Quay and Clarke Quay, the refurbished shophouse is near the Clarke Quay MRT station and is around 1.2km from Raffles Place.
The property occupies a 1,443 sq ft site and has an existing gross floor area (GFA) of around 4,263 sq ft, excluding a 420 sq ft pedestrian walkway and the roof terrace.
Knight Frank noted that the site is zoned for Commercial use under the Upper Circular Conservation Area classification with a plot ratio of 4.2. The ground floor of the shophouse is currently tenanted as a restaurant, while the upper levels are tenanted as offices.
Relevant approval for a 6-storey rear extension and fresh leasehold tenure of 99 years gave been secured from authorities, with the new proposed total GFA at about 5,973 sq ft.
“The owner is prepared to sell the existing shophouse with a fresh 99-year tenure on a ‘as-is’ basis or undertake to do the alterations and additions and sell based on satisfactory completion of the building,” said Mary Sai, Executive Director of Capital Markets at Knight Frank Singapore.
Including the addition of a 6-storey rear extension and fresh 99-year tenure, the guide price for the shophouse stands at $18 million. However, if the buyer prefers to acquire it in its present condition with a fresh 99-year tenure, then the guide price is $15 million.
Sai believes that conservation shophouses within Districts 1 and 2 continue to attract both foreign and local buyers since they are trophy assets that offer capital appreciation and wealth preservation.
Moreover, the fact that no Additional Buyer’s Stamp Duty (ABSD) and Seller’s Stamp Duty (SSD) is payable for the transaction due to the property’s commercial zoning is another draw for buyers.
“There is currently lesser stock of well-located shophouses in Central Business District for sale as many are still held tightly by owners, who remain sanguine that the prices are holding well in their favour,” said Sai.
Victor Kang, Digital Content Specialist at PropertyGuru, edited this story. To contact him about this story, email: email@example.com