Photo of 21 New Bridge Road (Source: Huttons Asia)
A conservation shophouse at 21 New Bridge Road in prime district 1 is up for sale via an Expression of Interest (EOI) exercise at a guide price of $18,500,000.
The property has a land area of approximately 1,443 sq ft. It is zoned for Commercial use. The lease has been topped up to a fresh 99-year tenure that starts in December 2021.
The frontage of the property is approximately 5.5 m and the depth approximately 24.5 m. It is undergoing additions and alterations which will increase the built-up area to 5,041.8 sq ft. Based on the built-up area, the guide price works out to be about $3,669 psf. This property has a temporary permission for restaurant use for level 1.
Jeremy Lim, Associate Senior Group District Director of Huttons Asia Pte Ltd notes that the property is located along New Bridge Road which gives it a prominent frontage and awareness. The property is 100 m away from Clarke Quay MRT and there is ample parking for cars around the area. This area has high human traffic and strong office crowd from The Central, nearby CBD as well as tourists.
Zulk Yeo, Associate Marketing Manager of Huttons Asia Pte Ltd believes that the property is ideal for various occupants, including established companies. The fewer restrictions on operating hours and renovation are drawing MNCs, aesthetic clinics, law firms and accountancy firms.
“In May 2023, a corner shophouse at 11 New Bridge Road was sold for $23.8 million. The doubling in ABSD for foreigners buying residential properties and new control measures on land zoned for commercial and residential use have sent a clear signal to the market. Foreign investors are likely to concentrate on commercial properties and commercial zoned shophouses are likely to see more demand in 2H 2023, concludes Lee Sze Teck, Senior Director of Data Analytics at Huttons Asia Pte Ltd.
The EOI exercise will close on 5th September 2023 at 3 pm.
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