Three commercial shophouses in Bugis, CBD up for sale

THREE shophouses in Bugis and the central business district have been put on the market, sole marketing agent PropNex announced on Wednesday.

On 534 North Bridge Road is a corner shophouse with a guide price starting from S$10 million, while the 60 South Bridge Road property's guide price is at least S$7 million. Both have been launched for sale by tender. 

Meanwhile, the shophouse on 96 Amoy Street is available via an expression of interest (EOI) exercise, at an indicative price starting from S$17 million.

All three are zoned for commercial use under the Urban Redevelopment Authority's (URA) Master Plan 2014.

534 NORTH BRIDGE ROAD

The 534 North Bridge Road property is a three-storey with attic shophouse, located between Bugis Junction and Bugis MRT station.

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It has a 999-year tenure from 1827 and a total floor area of about 3,000 square feet (sq ft). The shophouse's three storeys are approved by URA for restaurant use, while an office can occupy the attic.

PropNex said the asset is suitable for investment or own usage, be it for dine-in or delivery services. It is currently fully tenanted to Korean dessert chain Nunsongyee.

The S$10 million indicative price tag translates to about S$3,333 per square foot (psf) based on the built-up area.

It is not subject to additional buyer's stamp duty or seller's stamp duty, and both locals and foreigners can purchase the property. 

60 SOUTH BRIDGE ROAD

Meanwhile, on 60 South Bridge Road is a six-storey building with an elevator and concrete flooring.

It spans 1,534 sq ft in land area with a 99-year tenure from 1951, and has a total floor area of about 6,500 sq ft.

The shophouse is currently occupied by Chinese health product company Dragon Brand, which sells bird's nest.

The property sits on an envelope control site in the Upper Circular Road conservation area. Envelope control sites are vacant lands and buildings located within Singapore's conservation areas but are not designated for conservation. They can be redeveloped subject to government guidelines.

PropNex said the property will be suitable for companies looking to redevelop their own office premises with car park space.

Its guide price of at least S$7 million translates to S$1,077 psf based on built-up area.

The property had been previously launched for sale via private treaty with a guide price starting from S$10 million.

It is 300 metres away from Clarke Quay MRT station. In the vicinity, 28 HongKong Street with an identical land tenure had transacted in October 2018 at S$9 million, or S$1,242 psf based on built-up area, PropNex noted. Last November, 35 HongKong Street changed hands at S$7.1 million, or S$1,240 psf based on built-up area.

96 AMOY STREET

As for the shophouse on 96 Amoy Street, it comprises two storeys and two attics.

It is located in the Telok Ayer conservation area, and near residential developments The Clift and Emerald Garden, Propnex said.

The property has been occupied by Swee Kee Eating House, or "Ka Soh" as it is popularly known, for the past 25 years.

It spans 2,083 sq ft in land area with a 999-year tenure from 1827, while the total floor area is about 4,600 sq ft.

The S$17 million indicative price tag works out to about S$3,696 psf based on built-up area.

Based on the queries PropNex has received, Chinese and American institutional clients are likely to resume their investment activities for properties in the central region of Singapore after the "circuit-breaker" period ends, said associate director Loyalle Chin.

The tenders for 534 North Bridge Road and 60 South Bridge Road will close at 3pm on June 3, while the EOI exercise for 96 Amoy Street will close at 3pm on July 1.