Restored Chinatown shophouse up for sale

20130328-bt-restored-chinatown-shophse-for-sale-pic:jpg CBRE has put a newly restored shophouse in the Central Business District up for sale by expression of interest.

The three-storey property at 81 South Bridge Road, near the junction with North Canal Road, has a site area of 1,316 sq ft and a gross floor area of 5,656 sq ft. It has a mezzanine floor and an open roof terrace.

The 999-year site is zoned for commercial use; planning guidelines require its first storey to have activity-generating uses, such as retail, showroom, and F&B functions.

The nearest MRT stations are Clarke Quay and Raffles Place.

Owned by ARCC Holdings, the property is currently vacant.

It has just come through eight months of restoration works, and now features a column-free design and en-suite bathrooms on every floor, yet maintains the facade of a conserved building.

CBRE supplied an indicative price of $13.8 million for it.

Sammi Lim, the associate director of investment properties at CBRE, said such buildings are something of a rarity: "There is very limited supply of assets with a rich architectural heritage, especially in centrally located areas - and with a 999-year tenure at that."

She expressed optimism about the demand for the site, citing positive market trends: "We expect demand for shophouses to be strong and for this trend to continue throughout this year because of sound market fundamentals."

CBRE said: "The strong interest in commercial properties and the rarity of such an asset is expected to generate keen interest from a whole range of investors, including retailers, property funds, private equity, family businesses and high net-worth individuals."

Expression of interest is open to locals and foreigners; no additional buyers' stamp duty will be imposed on the purchase of the property.

The deadline for expression of interest is 3pm on April 25.

Source: Business Times, 28 Mar 2013