Parc Riviera Condo
A commercial shophouse at 21 New Bridge Roadway has been offered and the four-storey industrial shophouse will be offered in an exclusive treaty sale, according to a news release by the advertising representative Sakal Realty Allies on Aug 15.
Read also: 2 1http:///2 storey freehold preservation shophouse in Lavender up for sale at $7.5 mil
While there is no a measure price or guide cost given, Sakal claims that the home was just recently valued at regarding $22 million, on the basis of a refurbished shophouse with a bigger flooring area of 6,063 sq ft.
The ground-floor industrial device of the shophouse is approved for restaurant use, while the top floors appropriate for office usage, as a shop, or food takeaway delay. The procurement is open to international and neighborhood customers, and the transaction will not attract extra buyer’s stamp obligation or seller’s stamp duty.
The property is close to the F&B and also home entertainment shops and also electrical outlets along Clarke Quay and Boat Quay. It is also near Raffles Place and Chinatown.
A snapshot of shophouse deals in District 1 over the current 12-month duration, showcased on EdgeProp’s analytics tool Market Watch
The preservation shophouse enjoys a famous street level frontage along New Bridge Road, and the property has straight protected accessibility to Clarke Quay Central Mall nearby. The mall is linked to Clarke Quay MRT Station on the North-East Line.
The uninhabited shophouse will have a gross floor location of 5,034 sq ft, omitting the roof balcony, at the end of the repair functions. Given that the residential or commercial property is located within a secondary sanctuary, the new owner has the alternative to obtain consent to add a rear expansion which would bring the total gross flooring area up to 6,063 sq ft, subject to approvals, claims Sakal.
The 99-year leasehold property remains on a 1,443 sq ft story that is zoned business with a gross story proportion of 4.2 under the most recent Master Plan. The land tenure was renewed to a fresh 99-year lease in December 2021.
The four-storey shophouse, with a roofing terrace, is presently undertaking a repair which is slated to be completed in 1Q2023. According to Sakal, the shophouse will be sold on an as-is basis, if the new proprietor decides to embark on the repair on their own.
“The conservation shophouse market has exceeded over the last few years. Its restricted supply as well as heritage charm not just brings in property funds yet also family members offices and high-net-worth individuals that compare investing in shophouses to purchasing art,” claims Steven Ming, taking care of partner at Sakal.
He includes that financial investment need for preservation shophouses is expected to continue to be resilient in the coming months “given the weight of exclusive wide range that is making allocations right into Singapore realty”.