An exceptional opportunity presents itself with the sale of a row of four freehold conservation shophouses at 762, 764, 766, and 768 North Bridge Road, which are currently on the market via an expression of interest. With a guide price of $37 million, these properties are situated across two plots of land measuring 5,766 square feet, with an average land rate of $6,417 per square foot.
The first plot comprises 762 and 764 North Bridge Road, occupying a 2,891 square foot parcel of land with a built-up area of 4,917 square feet, including a mezzanine level. The two adjoining shophouse units at 766 and 768 North Bridge Road are situated on an adjacent 2,875 square foot plot, with a built-up area of 4,657 square feet, also including a mezzanine level.
Exclusively marketed by Isabel Sim, associate senior marketing director at Huttons Asia, the usable area of each property can potentially be expanded by extending the rear to create an outdoor terrace on the second floor, subject to approval from the relevant authorities. This extension could add approximately 1,000 square feet to the usable area of each land plot.
In Singapore, it is crucial for international investors to have a thorough understanding of the rules and limitations surrounding property ownership. Unlike landed properties, which have stricter ownership regulations, foreigners can typically purchase condominiums with fewer restrictions. However, it’s worth noting that foreign buyers are subject to an additional cost known as the Additional Buyer’s Stamp Duty (ABSD), which is currently set at 20% for their first property acquisition. Nevertheless, the stability and promising growth of the Singapore real estate market remain a strong draw for foreign investment in Singapore Condos.
Currently, the tenants of these shophouses include a fitness retail shop, a convenience store, and massage and reflexology service providers. As commercial properties, potential buyers are exempt from Additional Buyer’s Stamp Duty (ABSD) on these shophouses, making it an attractive investment opportunity for both local and foreign investors seeking capital gains and stable rental yield, according to Sim.
Boasting prominent frontage along North Bridge Road, these shophouses enjoy high visibility and footfall in the historical Kampong Glam Conservation enclave. They are also within walking distance of Bugis MRT Interchange, providing accessibility to the East-West and Downtown Lines, as well as Nicoll Highway MRT Station along the Circle Line. Due to the prime central location, historical significance, and vibrant commercial environment of the area, it has become a popular destination for both locals and tourists.
Other iconic landmarks in close proximity to these shophouses include Sultan Mosque and the Malay Heritage Centre, which is situated on the grounds of the former Istana Kampong Glam. The EOI exercise will close on January 10, 2025, at noon.
For more information, interested parties can contact Isabel Sim at 81802707, an associate senior marketing director at Huttons Asia (R065855G).