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This prime four-storey shophouse sits on an area covering 134.1 sq m (1,443 sq ft) while having a 4.2 plot ratio. The site is also zoned “Commercial” under the 2014 Master Plan.
Colliers International has revealed that a conservation shophouse at 21 New Bridge Road has been put up for sale via tender for S$19.5 million, reported The Business Times.
The seller will shoulder the added cost of topping up the land tenure to a new 99-year lease and has also pledged to undertake addition and alteration (A&A) works to construct the rear extension from the present four storeys up to six storeys.
The buyer will also be given an active participation in the design stage of the A&A works, to ensure that the renovation will suit its needs.
The price works out to about S$3,200 per square foot (psf) based on the proposed 6,062 sq ft gross floor area (GFA) after lease top-up and refurbishment.
The property is offered for sale under a sale-and-leaseback arrangement with a 4% yield on a “two years plus two years” (2+2) lease structure. Its current 99-year leasehold tenure became effective on 27 December 1928, leaving around 8 years for the lease’s remaining period.
This prime four-storey shophouse sits on an area covering 134.1 sq m (1,443 sq ft) while having a 4.2 plot ratio. The site is also zoned “Commercial” under the 2014 Master Plan.
The property has an allowable building height of up to 18.35 m, or around six storeys based on the height of other shophouses within the vicinity.
It is within walking distance to Boat Quay, Clarke Quay and the central business district, with the Raffles Place MRT interchange station and Clarke Quay MRT station nearby.
“We believe this property presents investment upside with untapped potential. It currently has an approved GFA of 468.4 sq m with a plot ratio of 3.49, which could be maximised to offer 563.22 sq m of GFA under the prescribed plot ratio of 4.2,” said Steven Tan, Colliers International director of capital markets.
Local and foreign investors are allowed to purchase the property, with no additional buyer’s stamp duty and seller’s stamp duty being imposed on the sale.
The tender for the New Bridge Road conservation shophouse closes on 27 November 2019.
Victor Kang, Digital Content Specialist at PropertyGuru, edited this story. To contact him about this or other stories, email victorkang@propertyguru.com.sg
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