Ravi Chandran
JLL, as the exclusive marketing agent, announced for for sale a South Bridge Road conservation shophouse. Located at 297 South Bridge Road – the 999-year corner conservation shophouse is in the heart of the CBD.
Comprising of two storeys and an attic, the South Bridge Road conservation shophouse occupies a land area of 1,733 sf and a total floor area of 3,336 sf. Under the 2019 Master Plan, the land is zoned “Commercial” and is located within the Telok Ayer Conservation Area. The corner shophouse commands a prominent 36m-wide dual frontage along South Bridge Road and Erskine Road.
Presently owner-occupied, the South Bridge Road conservation shophouse will be sold with vacant possession.
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The shophouse is conveniently located right next to the upcoming Maxwell MRT station which is part of the new Thomson-East Coast Line and is slated to open in 2021. Chinatown MRT station (within 350m) and Telok Ayer MRT station (within 550m) are accessible within a short walk away.
Strategically located at the mouth of Erskine Road, which directly accesses to Ann Siang Hill and the Club Street area, the South Bridge Road conservation shophouse benefits from immediate access to a trendy locale characterised by a myriad of highly-acclaimed F&B offerings and a dynamic entertainment scene. Complementing this, there are several upscale boutique hotels in the area, including The Scarlet Hotel, Ann Siang House and Six Senses Maxwell, which act as key demand generators for F&B and retail businesses in the area.
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Additionally, the South Bridge Road conservation shophouse benefits from its close proximity to Chinatown, one of Singapore’s key historical districts which bustles year-round with visitors. Known for its rich heritage and culture, Chinatown boasts of several places of interest, one of which is the Buddha Tooth Relic Temple & Museum, located directly across the property.
Mr Clemence Lee, Senior Director, Capital Markets, JLL, said: “As the property is sold with vacant possession, the incoming owner has the flexibility to explore several value-add angles for the property, such as conducting minor refurbishment works as well as exploring a change of use. A change of use to alternative uses such as food & beverage (F&B) and retail amongst others can be explored, subject to approval from relevant authorities. This is also an excellent opportunity for owner-occupiers who are looking to acquire a flagship property in the CBD for their operations.
The outstanding attributes of the property include, amongst others, its highly visible frontage and excellent location with its proximity to the Ann Siang Hill and Club Street enclave and the upcoming Maxwell MRT station. Having these coupled with limited freehold / 999-year shophouse opportunities available on the market at present, we expect to receive good interest from family offices, high net-worth individuals, boutique funds as well as end-users for the property.”
As the South Bridge Road conservation shophouse sits on land zoned for commercial use, foreigners are eligible to purchase the property. There is also no Additional Buyer’s Stamp Duty (ABSD) or Seller’s Stamp Duty (SSD) imposed on the purchase of the property.
The sale will be conducted through a public tender exercise which closes Wednesday, 22nd May 2019, at 3pm.
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The biggest gainers following the property cooling measures introduced in July last year is likely be owners of strata portfolio of offices and shophouses approved for commercial use. The property cooling measures affected almost all categories of buyers and is predicted to achieve its intended objectives of cooling demand and moderating price growth.
One report said investors looking for alternatives to park their money in the wake of property cooling measures, would divert their attention to the strata office and shophouse markets as they are not subjected to this round of purchase or sales restrictions/encumbrances.
In 2014, median shophouse price in Singapore peaked at $3,824 per square foot (psf) on land area. Due to the implementation of loan curbs such as the Total Debt Servicing Ratio (TDSR) however, demand for shophouses decreased in line with other types of property. In 2017, the median shophouse price stood at $3,301 psf on land area. Even post-TDSR, many shophouses managed to rise in value.
Shophouses are perceived as attractive investments because they can hold their values because of their central locations and the freehold/999-year-leasehold of many of these properties. Shophouses are also valued because they give prominent presence to a business entity for them to be visible in a highly competitive environment.
Other conservation shophouses in the South Bridge Road area are listed for sale at about $2,966 / sq ft.
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