SINGAPORE (EDGEPROP) - A two-storey shophouse at 666 North Bridge Road, located within the Kampong Glam conservation area, was put up for owner auction on Oct 19, but it was unsuccessful. The guide price was $4.98 million, or $2,767 psf, based on the built-up area, says Joy Tan, senior director, head of auction and sales, at Edmund Tie, which is handling the auction.
The property is located on a land area of 962 sq ft, with a built-up area of about 1,800 sq ft. It is located on the main road of North Bridge Road, and is diagonally opposite Golden Landmark shopping centre and Raffles Hospital, therefore enjoying heavy foot traffic, says Tan.
The Kampong Glam area is “rich in history, and is quaint and charming”, she describes.
There are ample parking spaces along North Bridge Road, Bali Lane and Haji Lane.
Under URA’s Master Plan 2019, the property is zoned for commercial use with a plot ratio of 3.0. Currently, it is approved for retail use on the first storey, and facial and beauty services on the second floor. (Find Singapore commercial properties with our commercial directory)
Each level of the shophouse has its own toilet, and users would be able to access the upper levels via an internal staircase.
The owner is looking to diversify his portfolio, and as such has decided to put up the property for auction, Tan says. So far, there has been “a lot of enquiries for this property, mainly from end-users and investors”, she adds.
She believes the shophouse will attract investors between 40 and 60 years of age who are looking to get a higher return on their investments, or business owners looking to expand their operations.
“Investors such as foreigners are eligible to buy a shophouse zoned for full commercial use without paying additional buyer’s stamp duty and seller’s stamp duty,” notes Tan.
She adds that investors could expect to get good rental yields, noting that “conservation shophouses in historical districts will get a better value due to their heritage value, [which can] provide capital appreciation to the property”.
Check out the latest listings near Kampong Glam conservation area