Shophouses beside Chinatown MRT up for sale: C&W
By Tan Chee Yuen
/ Cushman & Wakefield, The Edge Property |
Cushman & Wakefield have been appointed to sell two adjoining commercial shophouses beside the Chinatown MRT station via expression of interest. The shophouses are located at 205 and 207 New Bridge Road. Both units are 3 1/2 storeys and zoned for commercial use.
The shophouses have a combined land area of 1,728 sq ft and total gross floor area of approximately 5,800 sq ft. The ground floor is currently leased to Fragrance Foodstuff, a vendor of traditional Chinese snacks and “bak kwa”. Meanwhile, the upper floors, which have been approved for F&B operations, are accessible via a staircase and an internal lift at Pagoda Street. Both of the shophouses have 79 years remaining on their 99-year leases.
Ms Christina Sim, Director of Capital Markets at Cushman & Wakefield, expects interest to come from a number of the traditional homegrown house brands within Chinatown and investor-occupiers who require tremendous visibility for their business. She added that “Shophouses like these are akin to trophy assets and family heirlooms. They rarely come onto the market and when they do, they are always snapped up quickly by astute investors. Based on the asking price of $28 million, the properties are expected to reap a potential gross yield of some 3.5%.”
The deadline for the expression of interest is 8 October 2015.
The subject properties
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