The four-storey shophouses have a floor area totalling 11,008 sq ft (Picture: Knight Frank)
A pair of adjoining conservation shophouses at 273 and 275 South Bridge Road are up for sale through an expression of interest (EOI) exercise with a guide price of $50 million. The 999-year leasehold, four-storey shophouses occupy a land area of 3,089 sq ft and have a floor area of approximately 11,008 sq ft. The guide price works out to $4,542 psf on the floor area.
Map showing location of 273 South Bridge Road (Source: EdgeProp LandLens)
The shophouses have approval for use as a co-living hotel on its upper floors and as shops on the ground floor. The upper floors are currently tenanted by a co-living hotel operator.
Mary Sai, executive director of investment and capital markets at Knight Frank Singapore, which is marketing the property, notes that the shophouses are ideal for investment, given their 999-year leasehold tenure which allows for long-term capital gains. The future buyer would also enjoy immediate rental income, with potential for rental upside upon lease renewals.
Read also: Properties for sale at Tras Street, Telok Ayer Street and Chuan Garden
Given their commercial zoning, no additional buyer’s stamp duty or seller’s stamp duty is payable on the properties.
The shophouses are a four-minute walk from Chinatown MRT Station (Interchange for the Downtown and North-East Lines) as well as Maxwell MRT Station (Thomson-East Coast Line).
Recent sales transactions of commercial properties on South Bridge Road (Source: EgdeProp Research)
The EOI exercise for 273 and 275 South Bridge Road will close on April 3 at 3pm.