Commercial shophouse at 21 New Bridge Road on sale for $18.5 mil

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For sale at $18.5 million, a commercial shophouse located at 21 New Bridge Road is up for grabs. The conservation shophouse is being marketed by Huttons Asia with the sale of the property to be conducted through an expression of interest exercise closing on 5th September.The shophouse sits on a plot measuring 1,443 sq ft with a 5.5m-long street level frontage. In 2021, the land lease was topped up to a fresh 99-year tenure. According to Hutton’s Asia, the shophouse is undergoing additions and alterations which will ultimately result in an increased built-up area of 5,041.8 sq ft.Taking into account this new built-up area, the guide price of $18.5 million works out to a much lower per-square-foot rate of $3,669. In addition, the property has the necessary permission to be used as a restaurant at the ground floor.Nearby, the shophouse enjoys pedestrian visibility and is only about 100 m away from Clarke Quay MRT station on the North-East Line, with several public carpark options also present in the vicinity. According to Jeremy Lim, associate senior group district director of Huttons Asia, the presence of footfall from nearby offices, paired with the amenities, help to support the prices and rents in the area.“The doubling in ABSD for foreigners buying residential properties and new control measures on land zoned for commercial and residential use have sent a clear signal to the market,” adds Lee Sze Teck, senior director of data analytics at Huttons Asia. “Foreign investors are likely to concentrate on commercial properties and commercial zoned shophouses are likely to see more demand in 2H 2023.”With the attractive pricing and its location, the commercial shophouse at 21 New Bridge Road is expected to enjoy plenty of buyer interest – making now the ideal time to invest.