An affiliate of Clifton Partners is said to be buying the 999-year leasehold properties, which are next to a corner unit that recently sold for S$42 million
Three adjoining shophouses along North Bridge Road opposite Bugis Junction are being sold for a total of S$72 million.
The buyer is understood to be an affiliate of Clifton Partners, a Singapore-based real estate investment management company specialising in conservation shophouses.
The trio of 999-year leasehold shophouses – comprising 490 North Bridge Road (which is next to Bugis Cube), 492 North Bridge Road and 494 North Bridge Road – have a total land area of 4,853 square feet (sq ft).
Their floor area is about 15,000 sq ft. The ground-floor space is used as a coffee shop and a restaurant. On the upper floors are a backpacker hostel and other accommodation.
There is scope for substantial value-adding asset enhancement works on the properties; this could potentially see the floor area expanded to 23,000 to 25,000 sq ft.
Two of the three shophouses have four storeys and the remaining property has three storeys.
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