Commercial shophouse on New Bridge Road up for sale, valued at $22 mil

The 99-year leasehold building sits on a 1,443 sq ft plot that is zoned commercial with a gross plot proportion of 4.2 under the most up to date Master Plan. The land tenure was renewed to a fresh 99-year lease in December 2021.

The ground-floor commercial device of the shophouse is accepted for restaurant use, while the upper floors are suitable for workplace use, as a shop, or food takeaway stall. The procurement is open to neighborhood as well as foreign customers, as well as the purchase will not draw in added purchaser’s stamp responsibility or seller’s stamp responsibility.

The vacant shophouse will certainly have a gross flooring location of 5,034 sq ft, leaving out the roofing system balcony, at the end of the repair works. Considering that the building lies within a second sanctuary, the brand-new owner has the option to request approval to add a back extension which would bring the complete gross floor location as much as 6,063 sq ft, subject to authorizations, states Sakal.

Tengah EC Site and Floor Plans

“The preservation shophouse market has outshined in recent times. Its restricted supply as well as heritage appeal not just attracts realty funds but additionally household offices as well as high-net-worth individuals who liken investing in shophouses to investing in art,” says Steven Ming, handling companion at Sakal.
He includes that investment demand for preservation shophouses is anticipated to continue to be resistant in the coming months “given the weight of exclusive wealth that is making allocations into Singapore property”.

Read also: 2 1/2 floor property conservation shophouse in Lavender up for sale at $7.5 mil
While there is no a measure rate or overview cost provided, Sakal says that the residential property was lately valued at regarding $22 million, on the basis of a refurbished shophouse with an enlarged flooring location of 6,063 sq ft.

A picture of shophouse transactions in District 1 over the current 12-month duration, showcased on EdgeProp’s analytics device Market Watch
The preservation shophouse enjoys a prominent street degree frontage along New Bridge Road, and also the residential property has direct sheltered access to Clarke Quay Central Mall nearby. The mall is connected to Clarke Quay MRT Station on the North-East Line.

The four-storey shophouse, with a roof covering balcony, is presently going through a repair which is slated to be completed in 1Q2023. According to Sakal, the shophouse will be sold on an as-is basis, if the brand-new proprietor determines to embark on the repair by themselves.

The property is close to the F&B as well as amusement stores as well as electrical outlets along Clarke Quay as well as Boat Quay. It is additionally near Raffles Place and Chinatown.

An industrial shophouse at 21 New Bridge Road has actually been put up for sale and the four-storey industrial shophouse will certainly be sold in a private treaty sale, according to a news release by the advertising and marketing agent Sakal Property Allies on Aug 15.