Investing in real estate is a decision that should not be taken lightly, and location plays a significant role in its success. This is particularly evident in Singapore, where the right location can greatly impact the value of a property. Condominiums situated in central areas or in close proximity to important amenities like schools, shopping malls, and public transportation hubs have shown a higher appreciation in value over time. Some prime locations in Singapore, such as Orchard Road, Marina Bay, and the Central Business District (CBD), have consistently seen an increase in property values. Families with children also consider the location’s proximity to good schools and educational institutions when seeking a new home, making condos in these areas even more desirable and potentially lucrative investments. For more information on the latest and upcoming condominium launches, check out New Condo Launches.
A set of four freehold conservation shophouses located at 762, 764, 766 and 768 North Bridge Road is currently up for sale through an expression of interest (EOI), with a guide price of $37 million.
The shophouses are situated on two plots of land, totaling 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, with a shared land area of 2,891 square feet and a built-up area of 4,917 square feet, including a mezzanine level. The remaining two units, 766 and 768 North Bridge Road, are located on an adjacent plot spanning 2,875 square feet with a built-up area of 4,657 square feet, also including a mezzanine level.
Marketing for the properties is being handled exclusively by Isabel Sim, the associate senior marketing director at Huttons Asia. Sim notes that the usable area of each shophouse could potentially be increased by extending the rear to add an outdoor terrace on the second floor, pending approval from the relevant authorities. This extension could add an estimated 1,000 square feet to each land plot.
Current tenants of the shophouses include a fitness retail shop, a convenience store, and massage and reflexology service providers. The central location and vibrant commercial environment of the area make these properties a desirable investment opportunity for both local and foreign buyers, as they are exempt from additional buyer’s stamp duty (ABSD) as commercial properties.
The shophouses boast a prominent frontage along North Bridge Road, with high visibility and footfall in the historic Kampong Glam Conservation enclave. They are also conveniently situated within walking distance of Bugis MRT Interchange, providing access to the East-West and Downtown Lines, as well as Nicoll Highway MRT Station along the Circle Line.
Kampong Glam is a popular area among locals and tourists due to its prime central location, historical significance, and vibrant commercial environment. The shophouses are located within walking distance of iconic landmarks such as Sultan Mosque and the Malay Heritage Centre, which sits on the former grounds of the Istana Kampong Glam.
The EOI exercise for these properties will close on January 10, 2025, at noon. For more information, interested parties can contact Isabel Sim at 81802707 or through Huttons Asia Pte. Ltd.
While shophouse transactions were lower in the third quarter of 2024, uncaveated deals continued to show demand, according to Huttons Asia. In another noteworthy transaction, Indonesian tycoon Bachtiar Karim’s family office, Invictus Developments, recently acquired the lyf Ginza Tokyo for $93 million. It remains to be seen if shophouse transactions will pick up in the second half of 2024.