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A four-storey commercial shophouse at 65 South Bridge Road has been put up for sale for $13.8 million, or $2,960 psf over its 4,662 sq ft gross floor area, revealed marketing agent CBRE.
Nestled on a 1,402 sq ft site, the 999-year leasehold property enjoys 100 percent occupancy rate and has the potential to be converted into “hostel” use, subject to the approval of relevant authorities.
The property is centrally located between Boat Quay and Clarke Quay and is part of a strip of shophouses offering a mix of entertainment, commercial, lifestyle and cultural attractions. With a ready catchment of customers from the CBD, the property is only 180 metres away from Clarke Quay MRT station and a short walk from Raffles Place.
Since this is a commercial property, both local and foreigners can acquire the property with no Additional Buyer’s Stamp Duty (ABSD) payable.
CBRE expects the property to attract strong interest, given that shophouses in Boat Quay with excellent street frontage are limited, especially those with 999-year tenures.
“We expect interest from property funds, private equity, contractor-developers, family offices and high net-worth individuals, both local and overseas, who are seeking quality assets to which they can add value for capital and rental appreciation. With naming rights, this property is also ideal as corporate offices for law firms, architectural firms, tech and creative outfits; as well as hotel or hostel operations and family businesses,” said CBRE capital markets director Sammi Lim.
CBRE recently brokered the sale of a 99-year conservation shophouse at 9 Hongkong Street for $2,513 psf on the GFA.
Other recent shophouse transactions within the area include a portfolio comprising 61, 77 Boat Quay, 17, 45, 46 Circular Road and 52 Boat Quay, which recorded a price range of $3,150 to $3,388 psf.
The tender for 65 South Bridge Road closes on 19 October.
Photo: CBRE
Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email romesh@propertyguru.com.sg
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