Special Feature

Rare pair of commercial shophouses at Boat Quay Conservation Area for sale

December 4, 2023 3:00 PM SGT

Two 999-year leasehold conserved shophouses in the Boat Quay Conservation Area are on the market and can be purchased collectively or separately (Photo: PropNex Realty).

A pair of conserved shophouses on South Bridge Road is up for sale through an expression of interest (EOI) exercise with a guide price of $37 million. Those looking to invest in conserved shophouses can look forward to the prospect of owning two such prime assets in the coveted Boat Quay Conservation Area in the prime CBD area of District 1. The 999-year leasehold shophouses are neighbouring units at 47 and 49 South Bridge Road. Both shophouses are sitting on land zoned for commercial use with a total land area of 2,875 sq ft and total built-up space of 7,717 sq ft.

The two shophouses can be sold together or separately and are not subject to goods and services tax (GST). Both South Bridge Road properties are also not subject to additional buyer’s stamp duty (ABSD). Foreign investors are eligible to purchase.

The first shophouse at 47 South Bridge Road spans two storeys, and sits on a land area of 1,457 sq ft with a built-up space of 2,900 sq ft. Hence, if sold separately, the asking price of $17 million translates to $5,862 psf based on built-up. The unit’s first level has been approved for F&B use, and its second level for office use.

According to Kenny Lim, senior associate director of PropNex Realty, who is the exclusive marketing agent for the shophouse, the new owner can also apply for F&B use on the second level, subject to URA approval.

The adjacent properties are located on 47 and 49 South Bridge Road (Photo: EdgeProp LandLens).

Meanwhile, the adjacent 3½ storey shophouse at 49 South Bridge Road has been licensed as a hostel. The property has a land area of 1,418 sq ft and a built-up area of 4,817 sq ft. At $20 million, it works out to $4,152 psf based on the built-up area, if sold separately.

Lim, who is marketing these two shophouses, shares that both shophouses have been approved for restaurant and accommodation use, such as hotel, hostel and serviced apartment. However, such usage is subject to URA’s written permission, apart from their current approval of use.

URA gazetted the Boat Quay area as a Conservation Area on July 7, 1989. It is close to the Singapore River, the Raffles Place financial district and the CBD. It is a popular destination with both tourists and locals, given its array of F&B outlets, drinking and entertainment spots.

Both shophouses are within walking distance of Clarke Quay MRT Station (on the North East Line) and Raffles Place MRT Interchange Station (for the North-South and East-West Lines).

The EOI exercise for the shophouses will close on Dec 29 at 5pm.