Aug 16

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

Read additionally: 2 1/2 storey property preservation shophouse in Lavender up for sale at $7.5 mil
While there is no a sign cost or overview rate offered, Sakal claims that the property was just recently valued at about $22 million, on the basis of a reconditioned shophouse with a bigger floor location of 6,063 sq ft.

The ground-floor commercial unit of the shophouse is authorized for restaurant usage, while the upper floorings are suitable for workplace use, as a shop, or food takeaway delay. The procurement is open to international and also regional purchasers, and the purchase will certainly not bring in added buyer’s stamp responsibility or vendor’s stamp duty.

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

The four-storey shophouse, with a roof covering balcony, is currently undergoing a refurbishment which is slated to be finished in 1Q2023. According to Sakal, the shophouse will certainly be sold on an as-is basis, if the new proprietor determines to take on the repair on their own.

Forestville EC location

The vacant shophouse will have a gross flooring location of 5,034 sq ft, excluding the roof covering balcony, at the end of the refurbishment functions. Since the property is located within a second conservation area, the brand-new proprietor has the option to make an application for consent to include a back expansion which would bring the complete gross flooring location approximately 6,063 sq ft, subject to approvals, says Sakal.

“The preservation shophouse market has exceeded over the last few years. Its restricted supply and also heritage appeal not just draws in real estate funds however also family offices and high-net-worth individuals who liken investing in shophouses to purchasing art,” states Steven Ming, taking care of partner at Sakal.
He includes that investment demand for conservation shophouses is anticipated to continue to be durable in the coming months “provided the weight of personal riches that is making allowances into Singapore property”.

A commercial shophouse at 21 New Bridge Road has actually been offered as well as the four-storey commercial shophouse will certainly be offered in a personal treaty sale, according to a press release by the marketing representative Sakal Realty Partners on Aug 15.

The home is close to the F&B and home entertainment shops as well as outlets along Clarke Quay and also Boat Quay. It is also near Raffles Place as well as Chinatown.

A picture of shophouse purchases in District 1 over the current 12-month period, showcased on EdgeProp’s analytics device Market Watch
The preservation shophouse appreciates a popular street level frontage along New Bridge Road, as well as the residential or commercial property has straight protected access to Clarke Quay Central Mall nearby. The mall is linked to Clarke Quay MRT Station on the North-East Line.

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