The ground floor unit at 29 South Bridge Road is home to Dopa Dopa, which sells artisanal ice cream and coffee. Photo: Albert Chua/The Edge Singapore
Two adjoining three-storey conservation shophouses at 90 Circular Road and 29 South Bridge Road are on the market for sale. The shophouses have been listed at $23 million via expression of interest (EOI).
Both shophouses are for commercial use, have 999-year leaseholds and are located within prime District 1, in the Boat Quay area. The area itself has around 200 over shophouses, each and every one coveted by shophouse owners, investors and family offices alike.
The commercial nature of both shophouses also means that foreigners are eligible to purchase the properties and no additional buyer’s stamp duty (ABSD) or seller’s stamp duty (SSD) will be imposed.
A rare investment opportunity
“The sale is a rare opportunity for would-be owners to own two shophouses within the Boat Quay conservation area at one go,” says Willie Ong, associate group director at PropNex Realty.
The shophouse at 90 Circular Road (above) is occupied entirely by 109 Teochew Yong Tau Foo. Photo: Albert Chua/The Edge Singapore
While the shophouses are sold jointly, they can be separated eventually, adds Ong, who is marketing both properties exclusively.
“The price range for both, means each shophouse is going at an attractive price of about $11 million plus each,” says Ong. “The asking price is about 10% lower in terms of psf on the land price than the last shophouse transaction that took place in the same area. With a shophouse priced at $ 11 million plus each, this is the lowest entry price for a 999-leasehold shophouse in the prime Boat Quay Conservation Area.”
Frontages with plenty of pedestrian traffic
The shophouses are adjoined back-to-back, where they enjoy both frontages of the main South Bridge Road and the popular Circular Road, which has a designated pedestrian-only hour on some days. Both shophouse are strategically located at the entrance of the ingress road into the conservation area.
They are also within walking distance of Clarke Quay MRT station on the North-East Line and Raffles Place MRT station on the East West Line.
Both shophouses come with a combined land area of 1,630 sq ft and a total built-up area of 4,520 sq ft. The land size for the shophouse at 90 Circular Road measures 820 sq ft with a built-up area of 2,210 sq ft. The land size for 29 South Bridge Road measures 810 sq ft with a built-up area of 2,310 sq ft.
Both shophouses are joined via the third floor. Should the new buyer prefer to separate both shophouses and eventually sell them, he, or she can simply reinstate the party wall that originally separates the shophouses on the third floor, Ong shares.
Both shophouses are currently tenanted and are partially approved for food and beverage (F&B) use. At 90 Circular Road, the entire unit is currently occupied by the popular 109 Teochew Yong Tau Foo, while the ground floor unit at 29 South Bridge Road is home to Dopa Dopa, which sells artisanal ice cream and coffee.
The upper floors for 29 South Bridge Road are fully tenanted to a yoga studio and a stereo showroom.
Should the leases expire, the new owners can consider having their family office on the upper floors while retaining the use of the lower floors for F&B purposes.
“A change of use can also be applied,” says Ong.
PropNex’s Ong is a seasoned property agent who boasts about 10 years in the industry. Photo: Albert Chua/The Edge Singapore
Nowhere but up
In Ong’s view, apart from the attractive listing price, new owners would get to enjoy the capital gains as prices are only going to increase from here due to the limited number of shophouses in the area.
The assets provide immediate rental income and potential strong reversionary rental, Ong says.
“This shophouse is first-generation owned and has been with the same owner since the 1960s,” he explains. “The current owners are looking at restructuring their property portfolio. He’s also looking to sell this place soon,” he adds.
An agent with a stellar track record
PropNex’s Ong is a seasoned property agent who boasts about 10 years in the industry.
His passion for the industry comes from his own love for looking at properties especially landed houses and conservation shophouses with a unique heritage, he shares.
“Every shophouse has its own story,” he declares.
Ong’s foray into the segment began seven years ago, when one of his clients were looking at investing in shophouses. Since then, Ong has never looked back, with plenty of referrals coming his way.
“People mostly come to me through recommendations,” says Ong. “I am able to deliver beyond expectations,” he adds.
On his secret to his success, Ong says he is one who will do his best for his clients, especially when it comes to getting the properties bought or sold at their desired prices.
For more information:
Contact: Willie Ong l 91136763 | willieong.property@gmail.com
Agency Name: PropNex Realty Pte. Ltd. (Associate Group Director)
CEA Number: R046089G