A 999-year corner conservation shophouse at 297 South Bridge Road has been put up for sale, revealed marketing agent JLL.

The two-storey property, which comes with an attic, has a total floor area of 3,336 sq ft and sits on a 1,733 sq ft site zoned commercial under the 2019 Master Plan.

Situated within the Telok Ayer Conservation Area, the property boasts a 36m-wide dual frontage along the Erskine and South Bridge roads.

It is located near the Telok Ayer and Chinatown MRT stations, beside the upcoming Maxwell MRT station, which is part of the new Thomson-East Coast Line and slated to open in 2021.

Clemence Lee, senior director at JLL capital markets, noted that the outstanding attributes of the property “include, amongst others, its highly visible frontage and excellent location with its proximity to the Ann Siang Hill and Club Street enclave and the upcoming Maxwell MRT station”.

“Having these coupled with limited freehold/999-year shophouse opportunities available on the market at present, we expect to receive good interest from family offices, high net-worth individuals, boutique funds as well as end-users for the property.”

Sold with vacant possession, he noted that the new owner could “explore several value-add angles for the property, such as conducting minor refurbishment works as well as exploring a change of use”.

And since it sits on land zoned for commercial use, foreigners can acquire the property with no Additional Buyer’s Stamp Duty (ABSD) or Seller’s Stamp Duty (SSD) payable.

The tender for 297 South Bridge Road closes on 22 May.

Source: 12 April 2019, CommercialGuru