Prominent row of shophouses along South Bridge Road with F&B and Backpackers’ Hostel approval for sale
JLL presents for sale 211 to 217 South Bridge Road – a row of four 2-storey conservation shophouses with attic located in the Chinatown district and a stone’s throw from Raffles Place.
211-217 Southbridge Road
SINGAPORE, 30th June 2020 – JLL, as the exclusive marketing agent, is proud to present for sale 211 to 217 South Bridge Road – a row of four 2-storey conservation shophouses with attic located in the Chinatown district and a stone’s throw from Raffles Place.
Boasting a prominent 20-metre wide main road frontage, the asset occupies a combined land area of 4,120 sf and has an approximate built-up of 8,850 sf. Under the 2019 Master Plan, the site is zoned “Commercial” and is located within the Telok Ayer Conservation Area. 211 – 217 South Bridge Road (the “asset”) currently has F&B approval on the ground floor and a backpackers’ hostel approval on the upper floors.
There is excellent accessibility to the asset with Chinatown MRT interchange being located within a short 180-metre walk away. Additionally, the asset is also within close proximity to Telok Ayer MRT station and the upcoming Maxwell MRT station.
Rich in heritage and culture, Chinatown is one of the key heritage districts of Singapore and remains a popular place of attraction highly frequented by tourists and locals alike. Not only housing an abundance of retail, entertainment and F&B offerings, Chinatown is also home to several heritage attractions including the Buddha Tooth Relic Temple & Museum amongst others.
Ms. Carin Puah, Senior Director, Capital Markets, JLL, said: “With Singapore’s steadily increasing visitor arrivals over recent years, investors are increasingly interested in properties with hotel and hostel approvals, which are relatively rare. 211 – 217 South Bridge Road offers a rare opportunity to acquire a row of four conservation shophouses with hostel and F&B approval in a bustling tourist destination.”
Good growth in the area can be expected with an upcoming 20-storey hotel situated directly behind the asset, further boosting F&B and retail demand in the area. The hotel site was sold via a Government Land Sales exercise in 2019 at a record price of $2,149 psf ppr.
With the asset’s excellent location and attributes, including a stable rental income and regular and efficient layout, we expect to receive strong interest from both investors and end-users.
As the asset sits on land zoned for commercial use, foreigners are eligible to purchase the asset. There is also no Additional Buyer’s Stamp Duty (ABSD) or Seller’s Stamp Duty (SSD) imposed on the purchase of the asset.
The sale will be conducted through an Expression of Interest exercise which closes on Tuesday, 5th August 2020 at 3.00 p.m.
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $18.0 billion, operations in over 80 countries and a global workforce of more than 94,000 as of March 31, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.