Commercial shophouse at 21 New Bridge Road on sale for $18.5 million
A conservation shophouse marketed by Huttons Asia at 21 New Bridge Road is on the market for $18.5 million via an expression of interest that ceases on September 5th.
with a 5.5m street level frontage and land size of 1443sft, The land lease was topped up to a fresh 99-year tenure that started in December 2K21. the shophouse is undergoing overhaul renovation work which will increase the built-up area to 5,041.8 sq ft.
the guide price of $18.5 million for the new built up area of 5800sft translates to $3,669 psf. The shophouse also has approval license from URA to operate as F&B for the ground floor of the shophouse.
The New Bridge Road commercial shophouse has distinctive and visible frontage, seamless connected to Clarke Quay MRT station on the North-East Line in less than 100meters. Carpark spaces are also plenty for visitors. These attributes, coupled with high footfall from nearby offices, support prices and rents in this area, says Jeremy Lim, associate senior group district director of Huttons Asia. “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: “Foreign investors are likely to concentrate on commercial properties and commercial zoned shophouses are likely to see more demand in 2H 2K23”.
Pinetree Hill Condominium Developer Singapore