Four-storey conservation shophouse at New Bridge Road going for $19.5 mil

By EdgeProp Singapore / EdgeProp Singapore | November 7, 2019 5:21 PM SGT
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SINGAPORE (EDGEPROP) - A prime four-storey conservation shophouse at 21 New Bridge Road has been put up for sale via tender at $19.5 million, or $3,200 psf based on the proposed total gross floor area (GFA) of 6,062 sq ft. The property is marketed by Colliers International.
The shophouse is located on a site spanning approximately 1,443 sq ft with a land tenure of 99 years, effective from Dec 27, 1928. The seller will bear the additional cost to top up the land tenure to a fresh 99-year lease, and has committed to undertake addition & alteration (A&A) works to build out the rear extension from the current four storeys to up to six storeys.
Under the Master Plan 2014, the site – situated within the Conservation Area – is zoned “commercial” with a plot ratio of 4.2, and has an allowable building height of up to 18.35m or equivalent to about six storeys based on the height of surrounding shophouses.
Located opposite The Central shopping mall, the shophouse enjoys high footfall, being situated between a restaurant and a coffee shop. It is also within walking distance to the Raffles Place commercial district, as well as the Boat Quay and Clarke Quay leisure and entertainment hotspots.
The shophouse is accessible via public transport, including the Clarke Quay MRT Station on the North-East Line, just across the street. It is also within walking distance to Raffles Place MRT interchange station.
“We expect demand for shophouses to remain relatively consistent in the next three years, particularly from boutique investors due to the low capital quantum required. In addition, shophouses offer intrinsic value owing to their vintage charm and limited supply; they are also not subject to the recent tax hikes in the residential sector,” says Steven Tan, director of capital markets at Colliers International.
According to Colliers Research, total shophouse transactions with a value of $10 million and above, hit an all-time high in 2018 at $834 million.
Owing to the shophouse’s commercial-use zoning, the additional buyer’s stamp duty and seller’s stamp duty are not applicable. The sale is also open to both local and foreign investors
The tender for the shophouse will close at 3pm on Nov 27.
For price trends, recent transactions, other project info, check out New Bridge Road project research page
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