The limited availability of land in Singapore has generated a heightened interest in condominiums, establishing them as a leading investment option in the nation. As an island with a growing population, Singapore faces challenges in designating land for construction. This has led to stringent land use policies and a fiercely competitive real estate industry, resulting in a continuous uptrend in property values. Hence, acquiring real estate, particularly Singapore condos, has emerged as a lucrative opportunity, given their potential for significant appreciation in value. Add Singapore Condo to rewritten paragraph
A portfolio of four commercial shophouses in the vibrant Kampong Glam district is now on the market for a total of $33.3 million. The four properties, located at 734 North Bridge Road and 69, 70, and 71 Bussorah Street, can be purchased individually or collectively, according to marketing agent Knight Frank Singapore.
The North Bridge Road shophouse, situated on a 1,435 sq ft plot, is a two-storey conservation property with a built-up area of 3,418 sq ft. It has been granted permanent approval for a restaurant on the ground floor and is currently tenanted by a halal-certified Indonesian-Japanese fusion ramen restaurant. The upper floors are leased to two office tenants.
The three shophouses at 69, 70, and 71 Bussorah Street are interconnected two-storey conservation properties located along a pedestrian passage leading to Sultan Mosque. Combined, they sit on a 3,061 sq ft land parcel and offer a total built-up area of 5,667 sq ft. These shophouses are also fully tenanted, with ground-floor restaurants and second-floor offices.
According to Tania Ong, senior manager at Knight Frank Singapore, the shophouses are priced individually at between $9.5 million and $12 million. She also notes that with strong tenant covenants and immediate rental income, the properties present an attractive investment opportunity.
Ong expects the shophouses to benefit from the ongoing rejuvenation efforts in the Kampong Glam area. In 2023, the Urban Redevelopment Authority (URA) and the Kampong Gelam Alliance, a group of stakeholders comprising residents, cultural institutions, and local businesses, unveiled a five-year blueprint aimed at enhancing the historic precinct. Improvements will include better connectivity and accessibility, increased signage and wayfinding, introduction of cycling lanes and bicycle parking, as well as placemaking projects such as urban installations and community gardens.
Interested buyers can participate in an expression of interest exercise for these shophouses until August 19, at 3pm.