Centrally located near Raffles Place financial district, Boat Quay and Clarke Quay; opposite Clarke Quay MRT station
Singapore, 08 May 2018 – Colliers International (NASDAQ and TSX: CIGI), a global leader in commercial real estate services, will be launching the tender for the sale of a prime 4-storey commercial shophouse at 21 New Bridge Road on May 09. It has a guide price of SGD6 million, excluding premium payable for lease renewal.
The guide price works out to SGD1,333 per square foot based on the total floor area of about 4,500 sq ft. The property sits on a site that spans approximately 1,443 sq ft and has a land tenure of 99 years with effect from December 27, 1928. The additional premium payable for the lease top-up to a fresh 99 years amounts to SGD5.64 million.
Under the Master Plan 2014, the site – situated within the Conservation Area - is zoned “Commercial” with a plot ratio of 4.2, and has an allowable building height of up to 18.35 metres (or equivalent to about six storeys based on the height of surrounding shophouses).
Mr. Steven Tan, Director of Capital Markets & Investment Services at Colliers International, says, “Demand for shophouses has been strong. Colliers’ research showed that shophouse transactions with value of SGD5 million and above hit a record level of SGD478.6 million in Q1 2018. We believe shophouses - which are scarce in supply – will continue to appeal to a wide range of investors, including high net worth individuals, property funds and investment firms. In addition, properties with full commercial-use zoning are favoured by investors as additional buyer’s stamp duty (ABSD) and seller’s stamp duty (SSD) are not applicable.”
The property – located opposite The Central shopping mall in District 01 - commands excellent visibility in the heart of the city and enjoys high footfall being situated between a restaurant and a coffeeshop. It is within walking distance to Clarke Quay MRT station on the North-East Line just across the street as well as the Raffles Place MRT interchange station nearby. Apart from being highly accessible via public transport, the site is also conveniently located near public car parks along Hong Kong Street and at The Central mall.
Mr. Tan adds, “This is a rare opportunity to acquire a conservation shophouse within the prime Singapore River planning district. The successful tenderer can apply for a lease top-up for the property which we believe will offer good potential to enhance its value and rentability, making this asset a worthy long-term investment.”
The shophouse is currently tenanted to a restaurant operator on a month-to-month basis. The property is approved for F&B use for three years until December 28, 2019. It can be sold with vacant possession and on a “as is where is basis”.
The tender will close at 3pm on May 30, 2018.
For sales query, please contact:
Steven Tan firstname.lastname@example.org
Desmond Lim email@example.com