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New Bridge Road shophouse, home to Song Fa Bak Kut Teh, up for sale

11 New Bridge Road.jpg
The 99-year leasehold property located opposite Clarke Quay MRT station carries a guide price of S$16.9 million.

SHOPHOUSES on New Bridge Road are up for a change in hands, with at least three units being put up for sale this month.

The latest to go on the market is a corner conservation shophouse at 11 New Bridge Road, which houses Song Fa Bak Kut Teh's flagship outlet at its ground floor.

The 99-year leasehold property, located opposite Clarke Quay MRT station, carries a guide price of S$16.9 million, said exclusive marketing agent JLL in a press statement on Monday.

The four-storey shophouse has dual frontage at the junction of New Bridge Road and Upper Circular Road.

It occupies a land area of 1,452 square feet (sq ft) and an existing gross floor area (GFA) of about 5,324 sq ft.

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The site is zoned for commercial use with a plot ratio of 4.2 under the Urban Redevelopment Authority's Master Plan 2019.

JLL said that as the shophouse is located within a secondary conservation area, a rear extension of up to six storeys may be allowed, with the potential to increase the GFA to a total of 6,098 sq ft, subject to authorities' approval.

The guide price works out to S$3,174 per square foot (psf) based on the existing GFA, and S$2,771 psf based on the maximum allowable GFA.

Ong Zhen Hao, director at JLL Capital Markets, said the incoming owner will have the flexibility to maximise the GFA or explore alternative uses such as for a co-working space, a gym or a commercial school, subject to approvals from relevant authorities.

As the property sits on land zoned for commercial use, foreigners are eligible to purchase it, JLL said, adding that there will not be any additional buyer's stamp duty or seller's stamp duty imposed.

While the ground floor is anchored by Song Fa, the upper levels are fully leased to office tenants, JLL said.

The buyer will thus be able to acquire a shophouse with full occupancy and stable rental income, according to Mr Ong.

"Furthermore, the property's land tenure was topped up in 2016, making it comparatively more attractive among other leasehold shophouses for sale in the market," he added.

The expression of interest exercise for 11 New Bridge Road will close on Dec 22 at 3pm.

Earlier this month, its neighbouring conservation shophouses, 13 and 15 New Bridge Road, were launched for sale by sole marketing agent Edmund Tie. The two adjoining leasehold shophouses had an indicative price of S$6.2 million each, excluding the premium payable for lease renewal.

The three shophouses along New Bridge Road are just some in a slew of shophouses that have been offered for sale in recent months, following a lull in the market from pandemic-related restrictions.

Other areas where shophouses have gone on the market recently include Tras Street, North Bridge Road and Bukit Pasoh.

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