A commercial shophouse on 21 New Bridge Road is on the market for $18.5 million. The conservation shophouse is advertised through Huttons Asia, and the sale of the property will be completed by way of an open expression-of-interest process that will end on September 5.
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The shophouse is located on a 1,443 square feet lot with the benefit of a 5.5m street-level frontage. The lease was renewed with a new 99-year term that was signed on December 20, 2021. According Hutton’s, the shophouse is in the process of being renovated and added to which will boost the constructed space to 5,041.8 sq feet.
Based on the newly built-up area, the estimated cost of $18.5 million equals $3,669 per square foot. The property is also permitted for restaurant usage on the ground first floor.
The shophouse located at 21 New Bridge Road enjoys prominent pedestrian access and is situated just 100m away far from Clarke Quay MRT station on the North-East Line. The area also has a number of parking options for public use. These features, along with the high traffic from office buildings, support costs and rents in this region is the opinion of Jeremy Lim, associate senior district director for the group of Huttons Asia.
“The double in ABSD for foreign buyers of residential properties and the introduction of new controls on land that is zoned for residential and commercial use are sending a clear signal for the marketplace,” claims Lee Sze Teck who is the director of data analysis of Huttons Asia. He further states: “Foreign investors are likely to focus around commercial properties and commercially zoned shops will likely to see increased demand in the 2nd half of 2023”.