SINGAPORE (EDGEPROP) - A four-storey conservation shophouse at 21 New Bridge Road is up for sale with a guide price of $15 million based on its existing condition, along with a new leasehold tenure of 99-years.

Read also: Kampong Glam shophouse for sale at $12.28 mil

“The owner is prepared to sell the existing shophouse with a fresh 99-year tenure on a ‘as-is’ basis or undertake to do the alterations and addition and sell based on satisfactory completion of the building,” says Mary Sai, executive director of capital markets at Knight Frank Singapore.

The shophouse sits on a land area of 1,443 sq ft and has an existing gross floor area (GFA) of about 4,263 sq ft, excluding the roof terrace and pedestrian walkway of 420 sq ft. The guide price of $15 million translates to a price psf of $3,519 based on the existing GFA.

Relevant approval for a six-storey rear extension as well as a fresh leasehold tenure of 99 years has been obtained from government authorities. Total GFA including the proposed extension is about 5,973 sq ft.

To that end, the guide price for the shophouse including the rear extension as well as the fresh 99-year tenure is $18 million. This translates to $3,013 psf based on the expanded GFA.

The site is zoned for commercial use with a plot ratio of 4.2 and falls within the Upper Circular Conservation Area classification. Currently, the shophouse is tenanted by a restaurant on the ground floor and offices on the upper levels. (See: Find Singapore commercial properties with our commercial directory)

The refurbished property is within walking distance to Clarke Quay MRT station on the North East line.

The expression of interest exercise closes on Oct 14  at 3pm.

Check out the latest listings near 21 New Bridge Road, Clarke Quay MRT station