Bookmark & Share
Two adjoining prime commercial shophouses (pictured) in Chinatown have been put up for sale by expression of interest (EOI), marketing agent Cushman & Wakefield said Tuesday (1 September).
Located at 205 & 207 New Bridge Road, the shophouses are both 3 and a half storeys and offer a combined land area of 1,728 sq ft and a total gross floor area of about 5,800 sq ft.
Zoned for commercial use, the ground floor retail space is currently tenanted while the upper floors have been approved for F&B operations and are accessible via a staircase and an internal lift at Pagoda Street. The properties are offered on a 99-year leasehold tenure with effect January 1995.
According to Cushman & Wakefield, the sale offers a “very limited opportunity to own a slice of Singapore’s heritage,” and it expects interest from traditional homegrown house brands within Chinatown and investor-occupiers who require tremendous visibility for their business.
“Shophouses like these are akin to trophy assets and family heirlooms. They rarely come onto the market and when they do, they are always snapped up quickly by astute investors. Based on the asking price of $28 million, the properties are expected to reap a potential gross yield of some 3.5%,” said Christina Sim, Director of Capital Markets at Cushman & Wakefield.
The EOI exercise will close Thursday, 8 October.
Image source: Cushman & Wakefield.
Nikki De Guzman, Editor at CommercialGuru, wrote this story. To contact her about this or other stories email nikki@propertyguru.com.sg.
Related Articles:
For sale: Two freehold conservation shophouses in Geylang