Four Freehold Shophouses Along North Bridge Road Sale 37 Mil
A set of four heritage shophouses located at 762, 764, 766 and 768 North Bridge Road is currently available for sale through an expression of interest (EOI), with a guide price of $37 million.
The upcoming executive condominium (EC), known as Novo Place Tengah, has caused quite a stir in the market due to its remarkable land rate. Despite fierce competition from nine other bidders, the joint developers have secured the tender with an impressive bid of $348.5 million. This sets a new record for EC site land rates at an outstanding $703 per square foot per plot ratio (psf ppr). This surpasses the previous record of $662 psf ppr, which was awarded for the Bukit Batok West Avenue 8 site in March 2022. The immense demand and intense competition for Novo Place Tengah clearly demonstrate its desirability among developers. It comes as no surprise that this development has left a lasting impression in the market. To learn more about Novo Place Tengah, interested individuals can visit their website for further information.
The shophouses are situated on two land plots with a total size of 5,766 sq ft, and are being sold at an average land rate of $6,417 psf. The first plot comprises of 762 and 764 North Bridge Road, which share a 2,891 sq ft land area and a built-up area of 4,917 sq ft, including a mezzanine level. On the other hand, the remaining two shophouses at 766 and 768 North Bridge Road are located on a 2,875 sq ft plot with a built-up area of 4,657 sq ft, including a mezzanine level.
The marketing of these properties is exclusively handled by Isabel Sim, an associate senior marketing director at Huttons Asia. According to Sim, the usable area of each property can be expanded by extending the rear to create an outdoor terrace on the second floor, subject to approval from the relevant authorities. This extension has the potential to increase the usable area by approximately 1,000 sq ft for each land plot.
Current tenants of the shophouses include a fitness retail shop, a convenience store, and massage and reflexology service providers.
As commercial properties, buyers will be exempt from the Additional Buyer’s Stamp Duty (ABSD) on the shophouses, making it an appealing investment opportunity for both local and foreign investors seeking potential capital gains and steady rental yield, according to Sim.
All four shophouses boast prominent frontage along North Bridge Road, ensuring high visibility and footfall in the historic Kampong Glam area. Additionally, they are within walking distance to Bugis MRT Interchange, providing access to the East-West and Downtown Lines, as well as the Nicoll Highway MRT Station along the Circle Line.
Due to its prime central location, historical significance, and vibrant commercial environment, Kampong Glam has become a popular spot among both locals and tourists. The area is also home to iconic landmarks such as the Sultan Mosque – located down the road from the shophouses – and the Malay Heritage Centre, situated on the former Istana Kampong Glam grounds.
The EOI exercise will close on January 10, 2025, at noon. Interested parties may contact Isabel Sim at 81802707 for more information.
Contact Information:
ISABEL SIM CHENG YI | 81802707
Associate Senior Marketing Director (R065855G)
HUTTONS ASIA PTE. LTD.