A freehold commercial corner shophouse at 731 North Bridge, between the intersection of North Bridge Road and Jalan Pisang is up for sale via expression of interest for $20.8 million (Photo: JLL)
SINGAPORE (EDGEPROP) - A corner conservation shophouse at 731 North Bridge Road in Rochor (District 7) is up for sale via an expression of interest (EOI) exercise at $20.8 million, according to JLL – the appointed marketing agent for the property – on Feb 6.
The shophouse occupies a total land area of about 1,456 sq ft and a built-up area of 4,143 sq ft. The guide price works out to $5,021 psf based on built-up area. Additional buyer’s stamp duty or seller’s stamp duty is not payable on the property.
The freehold shophouse comprises three storeys, including a mezzanine level. Under the URA Master Plan 2019, the shophouse is zoned for commercial use and falls within the Kampong Glam Conservation Area.
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Currently, the shophouse is fully leased to a single tenant, which allows the incoming investor to yield immediate rental income. The tenant operates a café – Bana Bana Café – on the ground floor, and uses the upper floors for their office. The café serves traditional Malay and halal-certified Western comfort food.
Terry Wong, senior director of capital markets at JLL, notes that the prospective investors may change its use to co-working, co-living or hostel use, subject to approval from relevant authorities.
Nestled at the intersection of North Bridge Road and Jalan Pisang, the shophouse has prominent dual road frontages that can provide maximum visibility for naming and signage rights, according to JLL’s press release.
The property is within a six-minute walk of Bugis MRT Interchange Station, and a 10-minute walk from Lavender MRT Station on the East-West Line.
The shophouse is located within the historic Kampong Glam enclave, which is highly popular with locals and tourists. The area is home to key landmarks such as Sultan Mosque – located just across the road from the property – and the Malay Heritage Centre, which sits on the grounds of the former Istana Kampong Glam.
Developments are underway in District 7, including new residential and office and retail buildings, such as mixed-use development Guoco Midtown, Shaw Tower and The M. Slated to be completed by 2025, these developments are collectively expected to introduce about 1,300 new residential units, 1.2 million sq ft of Grade-A office space, and 81,000 sq ft of retail space.
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The EOI exercise closes on March 5 at 3pm.