Commercial shophouse at 21 New Bridge Road on sale for $18.5 mil
A commercial shophouse located in central Singapore has gone on sale for $18.5 million. Situated at 21 New Bridge Road, the shophouse enjoys prominent pedestrian visibility and is around 100m from Clarke Quay MRT station.
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The sale of the property will be conducted through an expression of interest exercise which closes on September 5th. It sits on a 1,443 sq ft plot with a 5.5m street level frontage and the land lease was recently topped up to a new 99-year tenure. The shophouse is also undergoing additions and alterations, increasing the built-up area to around 5,041.8sq ft. This means the guide price translates to $3,669 psf.
The area offers several public carpark options and high footfall from nearby offices, making it an attractive proposition for investors. Jeremy Lim, associate senior group district director of Huttons Asia, believes the area will support prices and rents due to these attributes.
“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,” says Lee Sze Teck, senior director of data analytics at Huttons Asia. He adds that foreign investors will concentrate on commercial properties and demand for commercial zoned shophouses is likely to be strong in the second half of 2023.
The property also holds permission for restaurant use on the ground floor, presenting a potential opportunity for buyers. With an iconic location and generous guide price, the commercial shophouse at 21 New Bridge Road is sure to attract plenty of interest.