An expression of interest (EOI) is being held for a row of four freehold conservation shophouses located at 762, 764, 766 and 768 North Bridge Road, with a guide price of $37 million. These shophouses are situated on two plots of land, with an average land rate of $6,417 psf. The first plot consists of units 762 and 764, sharing a 2,891 sq ft plot with a built-up area of 4,917 sq ft, while the remaining units at 766 and 768 are on a 2,875 sq ft plot with a built-up area of 4,657 sq ft.
The marketing of these properties is exclusively handled by Isabel Sim, associate senior marketing director at Huttons Asia. According to Sim, there is potential to increase the usable area of each property by extending the rear for an outdoor terrace on the second floor, with an estimated increase of 1,000 sq ft per plot. The current tenants include a fitness retail shop, convenience store, and massage and reflexology services.
Being commercial properties, buyers are exempt from Additional Buyer’s Stamp Duty (ABSD), making these shophouses an attractive investment opportunity for both locals and foreigners. The properties offer potential for capital gains and stable rental yield due to their prime location and vibrant commercial environment in the historic Kampong Glam Conservation enclave.
The shophouses enjoy prominent frontage along North Bridge Road and are within walking distance of Bugis MRT Interchange and Nicoll Highway MRT Station. The area is also home to iconic landmarks such as Sultan Mosque and Malay Heritage Centre. The EOI exercise will close on January 10, 2025, at noon.
When contemplating an investment in a condo, it is crucial to also evaluate its potential rental yield. Rental yield refers to the annual rental income as a percentage of the property’s purchase price. In Singapore, condo rental yields can vary significantly based on factors such as location, property condition, and market demand. Generally, areas with high rental demand, such as those near business districts or educational institutions, tend to offer better rental yields. It is advisable to conduct thorough market research and seek guidance from real estate agents to gain valuable insights into the rental potential of a specific condo. To learn more about condo projects in Singapore, visit Singapore Projects.
For more information, interested parties can contact Isabel Sim at Huttons Asia. Shophouse transactions may have decreased in the third quarter of 2024, but there is still demand shown by uncaveated deals, according to Huttons Asia. Indonesian tycoon Bachtiar Karim’s family office Invictus Developments has also recently made a significant purchase in the shophouse market, buying lyf Ginza Tokyo for $93 million. Will shophouse transactions pick up in the second half of 2024? Time will tell.