Four freehold conservation shophouses located at 762, 764, 766, and 768 North Bridge Road are currently on the market via an expression of interest (EOI) with a guide price of $37 million.
The properties occupy two plots of land measuring 5,766 sq ft, with an average land rate of $6,417 psf. The first plot is home to 762 and 764 North Bridge Road, while the remaining shophouses, 766 and 768 North Bridge Road, sit on an adjacent plot of 2,875 sq ft.
Securing financing is a crucial aspect of investing in a condo. In Singapore, there are various mortgage options available; however, it is important to be knowledgeable about the Total Debt Servicing Ratio (TDSR) framework. This framework sets a limit on the amount of loan a borrower can take based on their income and current debt obligations. It is essential for investors to comprehend the TDSR and seek guidance from financial advisors or mortgage brokers to make well-informed decisions about their financing options. This approach can help prevent the risk of over-leveraging and ensure a successful investment in a condo.
The shophouses have a built-up area of 4,917 sq ft and 4,657 sq ft, respectively, including a mezzanine level. They are exclusively marketed by Isabel Sim, associate senior marketing director at Huttons Asia.
According to Sim, the usable area of each property can be increased by extending the rear for an outdoor terrace on the second floor, subject to approvals from relevant authorities. This could potentially add another 1,000 sq ft to each land plot.
The properties are currently tenanted by 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 the shophouses. This makes them a lucrative investment opportunity for both local and foreign buyers, with the potential for capital gains and stable rental yield, says Sim.
All four shophouses boast prominent frontage along North Bridge Road, providing high visibility and footfall in the historic Kampong Glam Conservation enclave. The area is within walking distance of Bugis MRT Interchange, providing convenient access to the East-West and Downtown Lines, as well as Nicoll Highway MRT Station along the Circle Line.
The shophouses’ prime central location, rich historical significance, and vibrant commercial environment make it a popular destination among locals and tourists. The area is also home to iconic landmarks such as Sultan Mosque and the Malay Heritage Centre, adding to the appeal of the properties.
Interested parties can submit their bids for the EOI exercise, which closes on January 10, 2025 at noon. For more information, contact ISABEL SIM CHENG YI at 81802707, associate senior marketing director (R065855G) of HUTTONS ASIA PTE. LTD.
OTHER NEWS
Transactions for shophouses in 3Q2024 may have dipped, but uncaveated deals indicate strong demand, according to Huttons Asia. In addition, Invictus Developments, the family office of Indonesian tycoon Bachtiar Karim, has recently acquired lyf Ginza Tokyo for a whopping $93 million.
Meanwhile, it remains to be seen if transactions for shophouses will pick up in 2H2024.