The residential property is close to the F&B and also home entertainment shops as well as outlets along Clarke Quay and also Boat Quay. It is also near Raffles Place and also Chinatown.
The ground-floor industrial device of the shophouse is authorized for restaurant use, while the upper floors appropriate for workplace usage, as a store, or food takeaway stall. The purchase is open to foreign and local purchasers, and also the purchase will not bring in additional purchaser’s stamp duty or seller’s stamp task.
The uninhabited shophouse will certainly have a gross flooring area of 5,034 sq ft, omitting the roof covering balcony, at the end of the refurbishment functions. Considering that the property lies within a secondary conservation area, the new owner has the choice to look for consent to include a back extension which would bring the total gross flooring location up to 6,063 sq ft, based on authorizations, states Sakal.
“The preservation shophouse market has exceeded in recent times. Its minimal supply and also heritage charm not just brings in realty funds but additionally household offices and high-net-worth people who compare investing in shophouses to investing in art,” states Steven Ming, handling companion at Sakal.
He adds that investment need for preservation shophouses is anticipated to stay resistant in the coming months “given the weight of exclusive riches that is making appropriations right into Singapore real estate”.
The 99-year leasehold residential or commercial property rests on a 1,443 sq ft story that is zoned business with a gross plot proportion of 4.2 under the most recent Master Plan. The land tenure was renewed to a fresh 99-year lease in December 2021.
A business shophouse at 21 New Bridge Roadway has been put up for sale and also the four-storey commercial shophouse will be marketed in a private treaty sale, according to a press release by the advertising agent Sakal Property Partners on Aug 15.
A picture of shophouse purchases in District 1 over the recent 12-month duration, showcased on EdgeProp’s analytics device Market Watch
The preservation shophouse takes pleasure in a prominent street level frontage along New Bridge Road, and the residential or commercial property has direct sheltered accessibility to Clarke Quay Central Mall across the street. The mall is linked to Clarke Quay MRT Station on the North-East Line.
Read also: 2 1/2 floor freehold conservation shophouse in Lavender up for sale at $7.5 mil
While there is no indicative cost or overview cost provided, Sakal states that the building was just recently valued at concerning $22 million, on the basis of a reconditioned shophouse with a bigger flooring location of 6,063 sq ft.
The four-storey shophouse, with a roofing balcony, is currently undergoing a repair which is slated to be finished in 1Q2023. According to Sakal, the shophouse will be sold on an as-is basis, if the new proprietor makes a decision to undertake the refurbishment by themselves.