The four-storey conservation shophouse is undergoing a refurbishment that will be completed in 1Q2023. (Picture: Sakal Real Estate Partners)
SINGAPORE (EDGEPROP) - A commercial shophouse at 21 New Bridge Road has been put up for sale and the four-storey commercial shophouse will be sold in a private treaty sale, according to a press release by the marketing agent Sakal Real Estate Partners on Aug 15.
While there is no indicative price or guide price given, Sakal says that the property was recently valued at about $22 million, on the basis of a refurbished shophouse with an enlarged floor area of 6,063 sq ft.
The 99-year leasehold property sits on a 1,443 sq ft plot that is zoned commercial with a gross plot ratio of 4.2 under the latest Master Plan. The land tenure was renewed to a fresh 99-year lease in December 2021. (Find Singapore commercial properties with our commercial directory)
The four-storey shophouse, with a roof terrace, is currently undergoing a refurbishment which is slated to be completed in 1Q2023. According to Sakal, the shophouse will be sold on an as-is basis, if the new owner decides to undertake the refurbishment on their own.
The ground-floor commercial unit of the shophouse is approved for restaurant use, while the upper floors are suitable for office use, as a shop, or food takeaway stall. The acquisition is open to foreign and local buyers, and the transaction will not attract additional buyer’s stamp duty or seller’s stamp duty.
The vacant shophouse will have a gross floor area of 5,034 sq ft, excluding the roof terrace, at the end of the refurbishment works. Since the property is located within a secondary conservation area, the new owner has the option to apply for permission to add a rear extension which would bring the total gross floor area up to 6,063 sq ft, subject to approvals, says Sakal.
A snapshot of shophouse transactions in District 1 over the recent 12-month period, showcased on EdgeProp's analytics tool Market Watch. (Credit: EdgeProp Singapore)
The conservation shophouse enjoys a prominent street level frontage along New Bridge Road, and the property has direct sheltered access to Clarke Quay Central Mall across the street. The shopping mall is linked to Clarke Quay MRT Station on the North-East Line.
The property is close to the F&B and entertainment shops and outlets along Clarke Quay and Boat Quay. It is also near Raffles Place and Chinatown.
“The conservation shophouse market has outperformed in recent years. Its limited supply and heritage appeal not just attracts real estate funds but also family offices and high-net-worth individuals who liken investing in shophouses to investing in art,” says Steven Ming, managing partner at Sakal.
He adds that investment demand for conservation shophouses is expected to remain resilient in the coming months “given the weight of private wealth that is making allocations into Singapore real estate”.