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China, Singapore private wealth continues to support shophouse demand

Recent deals include 11 New Bridge Road (S$23.8m), and 37 Boat Quay (S$30m); OCBC sells Serangoon Garden shophouse pair for S$17.5m

Kalpana Rashiwala

Kalpana Rashiwala

Published Wed, Jun 14, 2023 · 05:50 AM
    • The star attraction at 11 New Bridge Road is the Song Fa Bak Kut Teh outlet which occupies the ground floor.
    • Based on a floor area of 3,700 sq ft, the price for 37 Boat Quay works out to around S$8,000 psf, a record for a conservation shophouse in Districts 1 and 2.
    • OCBC has sold a pair of two-storey corner shophouses at 86 and 88 Serangoon Garden Way for S$17.49 million
    • The star attraction at 11 New Bridge Road is the Song Fa Bak Kut Teh outlet which occupies the ground floor. PHOTO: BT FILE
    • Based on a floor area of 3,700 sq ft, the price for 37 Boat Quay works out to around S$8,000 psf, a record for a conservation shophouse in Districts 1 and 2. PHOTO: BT FILE
    • OCBC has sold a pair of two-storey corner shophouses at 86 and 88 Serangoon Garden Way for S$17.49 million PHOTO: SAVILLS

    THE going may be slow for some segments of the commercial property market that typically rely on institutional investors, in the face of high interest rates.

    However, the shophouse market continues to draw buyers in the private wealth segment, be they local or overseas.

    A four-storey corner conservation shophouse at 11 New Bridge Road – where the popular Song Fa Bak Kut Teh outlet occupies the entire ground floor – is being sold for S$23.8 million.

    Commercial & IndustrialshophousesSingapore property

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