A three-and-a-half-storey conservation shophouse located along New Bridge Road is being put up for sale by expression of interest (EOI). The indicative price for the shophouse is $5.8 million.
The site is zoned for “commercial” usage under the 2014 Master Plan, within the Upper Circular Conservation Area. Being in a secondary settlement conservation area requires the front of the building to be conserved, but the rear can be altered to go up to six storeys, subject to the relevant authorities’ approval and payment of development charges (DCs), if applicable.
The shophouse has a land area of 1,442 sq ft with total floor area measuring 4,500 sq ft. The ground floor is currently tenanted to an F&B operator while the upper floors are vacant. The property will be sold with vacant possession. It currently has 11 years left on its 99-year leasehold tenure.
According to its appointed marketing agent, Fullerton Real Estate, the work plan to build it up to six storeys (with mechanised carpark at the back) has been approved by BCA. The seller has also obtained approval from the URA to refresh the lease to 99 years. The potential buyer will have to pay a total of $6.1 million to the relevant authorities if they want to top up the premium and DC to increase the gross floor area.
The EOI closes Nov 18.
The indicative price for the shophouse is $5.8 million.