An opportunity to acquire a row of four freehold conservation shophouses has arisen, with the properties located at 762, 764, 766, and 768 North Bridge Road currently up for sale through an expression of interest (EOI). The guide price for this rare offering is set at $37 million.
These shophouses are situated across two plots of land measuring a total of 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, which share a 2,891-square-foot plot with a built-up area of 4,917 square feet, including a mezzanine level. The remaining two units, 766 and 768 North Bridge Road, occupy an adjacent plot spanning 2,875 square feet with a built-up area of 4,657 square feet, also including a mezzanine level.
The exclusive marketing agent for these properties is Isabel Sim, an associate senior marketing director at Huttons Asia. Sim notes that the usable area of each shophouse can potentially be increased by extending the rear to create an outdoor terrace on the second floor, subject to approval from relevant authorities. This extension could add an estimated 1,000 square feet of usable space for each plot.
Currently, the shophouses are 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), making these shophouses an attractive investment opportunity for both local and foreign buyers seeking stable rental yield and potential capital gains, explains Sim.
Boasting high visibility and footfall in the historic Kampong Glam Conservation enclave, all four shophouses enjoy prominent frontage along North Bridge Road. They are also within walking distance of Bugis MRT Interchange, providing easy accessibility to the East-West and Downtown Lines, as well as Nicoll Highway MRT Station on the Circle Line.
The Kampong Glam area is renowned for its prime central location, historical significance, and vibrant commercial environment, making it a popular destination among locals and tourists alike. The shophouses are within close proximity to iconic landmarks such as Sultan Mosque, located down the road, and the Malay Heritage Centre, which sits on the grounds of the former Istana Kampong Glam.
Investing in a condominium has numerous advantages, one of which is the potential to use the property’s value to secure additional investments. A common practice among investors is to leverage their condo as collateral in order to obtain financing for new ventures, therefore expanding their real estate portfolio. While this approach can lead to higher returns, it also involves certain risks. It is important to have a solid financial plan in place and carefully assess the potential effects of market fluctuations. With the inclusion of Singapore Projects, this strategy can be even more beneficial.
The EOI exercise for these shophouses will close on January 10, 2025, at noon. For more information on this exclusive offering, interested parties may contact Isabel Sim at 81802707, an associate senior marketing director at Huttons Asia (R065855G).