“The preservation shophouse market has outmatched in recent years. Its limited supply and also heritage charm not just draws in property funds but also family members offices and also high-net-worth individuals who compare investing in shophouses to purchasing art,” states Steven Ming, handling partner at Sakal.
He adds that financial investment demand for conservation shophouses is expected to stay resilient in the coming months “offered the weight of personal wide range that is making allowances right into Singapore real estate”.
A photo of shophouse purchases in District 1 over the recent 12-month duration, showcased on EdgeProp’s analytics device Market Watch
The preservation shophouse enjoys a popular street degree frontage along New Bridge Road, as well as the home has straight sheltered access to Clarke Quay Central Mall across the street. The shopping center is connected 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 a measure cost or guide price provided, Sakal says that the building was lately valued at concerning $22 million, on the basis of a reconditioned shophouse with an enlarged flooring area of 6,063 sq ft.
The uninhabited shophouse will certainly have a gross flooring area of 5,034 sq ft, excluding the roofing system terrace, at the end of the repair works. Considering that the home lies within an additional conservation area, the new proprietor has the alternative to request consent to include a rear expansion which would certainly bring the total gross flooring location up to 6,063 sq ft, subject to approvals, claims Sakal.
The building is close to the F&B as well as home entertainment stores and outlets along Clarke Quay and Boat Quay. It is additionally near Raffles Place and also Chinatown.
The four-storey shophouse, with a roofing system balcony, is presently undertaking a refurbishment which is slated to be finished in 1Q2023. According to Sakal, the shophouse will be sold on an as-is basis, if the new owner determines to take on the repair by themselves.
The ground-floor industrial unit of the shophouse is accepted for dining establishment usage, while the upper floorings are suitable for office use, as a store, or food takeaway stall. The purchase is open to regional and also foreign customers, and also the purchase will not draw in extra buyer’s stamp responsibility or seller’s stamp task.
A business shophouse at 21 New Bridge Road has been put up for sale and also the four-storey business shophouse will certainly be offered in an exclusive treaty sale, according to a news release by the advertising agent Sakal Real Estate Partners on Aug 15.
The 99-year leasehold building sits on a 1,443 sq ft story that is zoned industrial with a gross plot ratio of 4.2 under the most up to date Master Plan. The land tenure was restored to a fresh 99-year lease in December 2021.