Corner shophouse on New Bridge Road up for sale at $16.9 mil

By
/ EdgeProp Singapore
|
November 24, 2020 1:22 PM SGT
SINGAPORE (EDGEPROP) - A four-storey shophouse at 11 New Bridge Road is on the market for $16.9 million, announced JLL, its sole marketing agent. The guide price translates to $3,174 psf on the existing floor area, and $2,771 psf on the maximum allowable floor area.
The shophouse is located in a popular F&B and entertainment district between Clarke Quay and Boat Quay. The area features a mix of restaurants, cafes, bars, and entertainment venues. It is also close to Clarke Quay MRT Station.
The conservation property boasts dual street frontage on New Bridge Road and Upper Circular Road, and the ground floor is occupied by Song Fa Bak Kut Teh’s flagship stall. The upper floors are leased to multiple office tenants.
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11-New-Bridge-Road - EDGEPROP SINGAPORE
11 New Bridge Road boasts dual street frontage and prominent street-level visibility. (Picture: JLL)
“The sale of 11 New Bridge Road represents an opportunity to acquire a trophy shophouse that is anchored by an established F&B tenant and enjoys full occupancy with stable rental income. Furthermore, the property’s (99-year) land tenure was topped up in 2016, making it comparatively more attractive amongst other leasehold shophouses for sale in the market,” says Ong Zhen Hao, director, JLL capital markets.
The corner shophouse sits on a 1,452 sq ft site and features an existing gross floor area (GFA) of 5,324 sq ft. The site is zoned “Commercial” under the 2019 Master Plan with a plot ratio of 4.2. The shophouse is in a secondary conservation area, and a rear extension of up to six floors may be allowed which could potentially increase the GFA to 6,098 sq ft, subject to approval.
The sale will be conducted through an expression of interest exercise that will close on Dec 22.