Unsuccessful $4.98 mil auction of a two-storey shophouse at 666 North Bridge Road on Oct 19

Two-storey shophouse at 666 North Bridge Road was up for auction, but it was unsuccessful. It is located in the Kampong Glam conservation zone. Based on the area built up, the guide price was $4.98million, or $2767 per square foot. Joy Tan, senior director and head of auctions and sales at Edmund Tie is handling the auction.

North Gaia Sing Holdings Limited won the bid for North Gaia situated at Yishun Avenue 9 near to Junction 9 new shopping mall.

The property covers a 962 square foot area with an additional 1,800 square feet of built-up. Tan says that the property is situated on North Bridge Road and diagonally opposite Raffles Hospital and Golden Landmark shopping centre. It therefore enjoys heavy foot traffic.

She describes Kampong Glam as “rich in history, charming, and charming”. Parking is available along North Bridge Road, Bali Lane, and Haji Lane.

The property has a 3.0 plot ratio and is currently zoned commercially under URA’s Master Plan 2019. It is currently approved for retail use on its first floor, and facial and beauty treatments on the second.

Each floor of the shophouse is equipped with its own toilet. Users can also access the upper floors via an internal staircase.

Tan states that the owner wants to diversify his portfolio and has put the property up for auction. Tan says that there have been many inquiries about the property so far, mostly from investors and end-users.

She is optimistic that the shophouse will be a magnet for investors aged 40-60 who are seeking a higher return on investments or business owners looking for expansion.

Tan notes that foreign investors are eligible to purchase a shophouse zoned for full-commercial use without having to pay additional buyer’s and seller’s stamp duties.

She says that investors can expect good rental yields and that preservation shopshouses in historic districts will have a higher value because of their heritage value. This could lead to capital appreciation.