Ravi Chandran
The Clarke Quay shophouses are for sale via private treaty and can be sold separately
EDMUND TIE, the sole marketing agent for the sale of 13 and 15 New Bridge Road, announced on November 6 that it is pleased to offer two adjoining conservation shophouses for sale via private treaty. The two 99-year leasehold shophouses can be sold separately.
Under the URA Master Plan 2019, the two Clarke Quay shophouses are zoned for “Commercial” use at plot ratio 4.2. They are located within the Upper Circular Conservation Area, and rear extension of up to six storeys can be allowed.
The property at 13 New Bridge Road is a 3-storey shophouse with an open roof terrace. It has a land area of 120.3 sq m (approximately 1,295 sq ft) and gross floor area of 289.8 sqm (approximately 3,119 sq ft). Written permission has been granted by URA to increase the total gross floor area to 501.23 sqm (approximately 5,395 sq ft). The incoming buyer can consider applying for lease top-up to a fresh 99 years, subject to authorities’ approval. In-principle approval for lease top-up was previously granted by the authorities, setting a precedent that approval may be granted again. The shophouse will be sold with vacant possession.
The property at 15 New Bridge Road is a 4-storey shophouse with land area of 123.2 sq m (approximately 1,326 sq ft). The total floor area of the shophouse is 359.0 sq m (approximately 3,864 sq ft). Subject to authorities’ approval, the prospective buyer can consider increasing the gross floor area up to 517.4 sqm (approximately 5,570 sq ft) by constructing a 6-storey rear extension and top up the lease to a fresh 99 years. The ground floor is currently leased to a café and the upper floors will be sold with vacant possession.
The two Clarke Quay shophouses are strategically located within the highly accessible District 1, and have high visibility along the main thoroughfare of New Bridge Road. With Clarke Quay MRT station at the doorstep, they enjoy excellent accessibility and are a short walking distance away from Clarke Quay, Boat Quay and Raffles Place.
Located directly opposite The Central, the two Clarke Quay shophouses attract high foot fall from the surrounding areas. As the subject properties are located within the vibrant Clarke Quay district and near to the CBD, they are well suited for a variety of uses such as F&B establishments and offices, subject to authorities’ approval. They also stand to benefit from the buzz generated from new developments in the vicinity such as Funan Mall and the upcoming integrated development at the current Liang Court site.
Executive director of investment advisory, Mr Tan Chun Ming, said: “The sale of 13 and 15 New Bridge Road presents a valuable opportunity for incoming buyers looking to own a prime asset within District 1, and carry out enhancement works to maximise the potential of the property.”
He added, “Shophouses present a very palatable quantum for investment, and appeal to a wide range of investors. In particular, shophouses with approvals for F&B and takeaway food establishments are often well sought after.”
The indicative guide price for the Clarke Quay shophouses at 13 and 15 New Bridge Road is $6,200,000 per shophouse, excluding the premium payable for lease renewal. As the Clarke Quay shophouses are zoned commercial, it is not subject to additional buyer’s stamp duty or seller’s stamp duty, and is eligible for purchase by both local and foreign buyers.
Mr Paul, chief mortgage officer at iCompareLoan, said that “although the Covid-19 circuit breaker makes real estate sales difficult at the moment, the Clarke Quay shophouses are in a good location and is hard to come by.” Mr Ho believes smart investors who are flush with cash, will resort to value hunting instead of choosing residential properties which are still selling at unbelievable prices.
Mr Ho added that given the land scarcity in Singapore, demand for commercial properties in Singapore will continue to rise over the long term. He pointed out that Singapore continues to be a global financial centre and a trade hub with high livability scores – all of which attracts high net worth investors to the Republic. All these factors will inevitably fuel demand for commercial property in Singapore he added.
Mr Ho believes that value buys in the property market right now are are landed inter-terrace houses which’s per square feet price on the built-up area is usually less than $1,000 and commercial properties. But Mr Ho cautioned that the bigger challenge for buyers of commercial property is securing the best commercial loans.
“With the right loan, the buyer can save thousands, if not tens of thousands of dollars,” he said. Adding, “which is why they would have to work with established mortgage brokers who can provide them free service.”
Clarke Quay is a historical riverside quay in Singapore, located within the Singapore River Planning Area. The quay is situated upstream from the mouth of the Singapore River and Boat Quay.
There are five blocks of different themed restored warehouses in Clarke Quay which house various restaurants and nightclubs. There are also moored Chinese junks (tongkangs) that have been refurbished into floating pubs and restaurants.
The G-MAX reverse bungee, the first in Singapore, is located at the entrance which opened in November 2003. Notable restaurants and nightclubs include Hooters and Indochine. River cruises and river taxis on the Singapore River can be accessed from Clarke Quay. One of its most popular attractions is its exciting host of CQ’s signature events happening once every quarter. Clark Quay has become known as a hub of Singaporean nightclubs.
Clarke Quay MRT station on the North East line is located within the vicinity. A new SOHO concept development cum shopping centre called Clarke Quay Central, above the MRT station, was completed in 2007.
