# Three Freehold Properties Hit The Market At $67M - **Source:** Stacked Homes - **Published:** 2026-09-17T12:02:28.000Z - **Author:** Hailey Khoo - **Original:** https://stackedhomes.com/three-freehold-properties-hit-the-market-for-67m-two-could-become-boutique-hotels/ - **Topics:** Commercial & Industrial, Government & Policy, Transactions & Deals ## Featured rationale The conversion potential and varied pricing may broaden demand among investors and owner-occupiers, potentially supporting individual sales and redevelopment activity in their respective precincts. ## AI summary Three freehold properties are offered collectively or separately for $67 million, including two South Bridge Road buildings potentially convertible into boutique hotels. ## Original article A portfolio of three freehold assets has been put up for sale at a combined guide price of $67 million, comprising two commercial buildings on South Bridge Road and a two-storey shophouse on Frankel Avenue. The properties can be acquired collectively or individually. The two commercial buildings on South Bridge Road – 74 South Bridge Road, and 80/82 South Bridge Road – are on sale for $20.5 million and $40 million, respectively. Meanwhile, the shophouse at 89/A Frankel Avenue is listed for $6.5 million. As commercial properties, the transactions of the two South Bridge Road buildings are open to foreigners and corporate entities, and attract no Additional Buyer’s Stamp Duty (ABSD) or Seller’s Stamp Duty (SSD). However, the Frankel Avenue shophouse is zoned “Residential with Commercial at 1st storey”, thus ABSD applies to the purchase of its residential second storey component. The portfolio will be sold in an Expression of Interest (EOI) exercise managed by CBRE, the exclusive marketing agent. Address | Land area (sq ft) | GFA (sq ft) | Price | $PSF (on GFA) 80/82 South Bridge Road | 3,127 | 9,848 | $40 million | $4,062 74 South Bridge Road | 1,093 | 5,791 | $20.5 million | $3,540 89/A Frankel Avenue | 2,296 | 3,441 | $6.5 million | $1,889 Total | $67 million The commercial buildings are fully leased with a conversion opportunity The property at 80/82 South Bridge Road is the Golden Castle Building. Sitting on a 3,127 sq ft plot, the six-storey property has a gross floor area (GFA) of 9,848 sq ft. All six floors are leased. The sites are zoned “Commercial” with a plot ratio of 4.2 under the latest Master Plan, and CBRE is marketing the unused balance as redevelopment potential, putting total GFA at about 13,133 sq ft if the authorities approve the intensification. The $40 million guide for the property works out to $4,062 psf on the GFA and $3,046 psf against a potential redevelopment. The building carries F&B approvals on the first and second floors, and URA records show that there are written permissions for continued restaurant use on both floors as recently as March 2024. The two six-storey commercial buildings sit a few doors apart on the same stretch of South Bridge Road. Source: CBRE A few doors down, 74 South Bridge Road is the Wong Shee Fun Building. The building sits on a 1,093 sq ft plot and the six-storey building has a GFA of 5,791 sq ft, with tenants from a range of business types across its floors. The guide price of $20.5 million works out to $3,540 psf on the existing GFA. In June this year, URA relaxed the rules on new hotels, hostels and serviced apartments in the Upper Circular Road area. Unveiled in a circular, the policy adjustment ended a 12-year ban on new short-term accommodation in the precinct, making these shophouses more attractive to investors. The relaxation runs as a two-year pilot to May 2028, which means a buyer would still need to obtain approval for the conversion before the pilot lapses. But CBRE says the two buildings “stand to benefit from enhanced redevelopment flexibility” as a result, and that a buyer could look at turning them into boutique hotels, subject to approvals. Both buildings sit between Chinatown and the Central Business District, with Raffles Place, City Hall and Clarke Quay all a short walk away. Retail and pedestrian footfall typically comes from office workers, residents and tourists. Four MRT stations are within walking distance: Clarke Quay on the North East Line, Chinatown on the North East and Downtown Lines, Raffles Place on the North South and East West Lines, as well as Telok Ayer on the Downtown Line. Recent commercial sales along South Bridge Road include spaces at Merchants Building at 76 South Bridge Road and MMI Building at 72 South Bridge Road. The sixth to tenth floors of Merchants Building fetched $20.4 million when the units were sold in April 2022, while MMI Building was sold for $39 million in July 2022. 38 South Bridge Road was also launched at $38 million in July 2026, a restored conservation building on a 2,624 sq ft site with 10,503 sq ft of GFA, or $3,618 psf. The asking price of $3,540 psf for 74 South Bridge Road is about 2% below that listing. The residential component of the shophouse on Frankel Avenue carries ABSD The third asset, 89/A Frankel Avenue, is a shophouse off East Coast Road in the Frankel Estate landed housing enclave in District 15. The property sits on a 2,296 sq ft site, and the two-storey property has a built-up area of about 3,441 sq ft. The ground floor has permanent restaurant approval and the second storey is approved for residential use. The $6.5 million guide price works out to $1,889 psf across both floors. The property is zoned “Residential with Commercial at 1st storey” with a gross plot ratio of 1.4. Under that zoning, the ground floor counts as commercial and the storey above it as residential, so the upper half is taxed at residential stamp duty rates and attracts ABSD if sold. Bee Chun Heng, a bak kwa retailer, occupies the ground floor, and the rest of the space is leased to a Vietnamese cafe and a tuition centre. Other retail tenants along that row of shophouses include Wine Connection Bar, The Coconut Club, and Dutch Colony Coffee Co. alongside lifestyle and fitness operators. The shops on this row serve the landed housing estates around them, with Frankel Estate on their doorstep and Opera Estate a few streets away. A freehold shophouse further along Frankel Avenue sold for $5.9 million in February 2025, or $2,566 psf based on land area. Its plot of 2,299 sq ft is almost identical to the subject shophouse. Transaction records indicate that five shophouse sales have been recorded in Frankel Estate over the past five years, ranging from $1,739 psf to $2,566 psf. The guide price of the subject shophouse sits above that price range, for a bigger building on roughly the same-sized plot. “This portfolio presents a compelling opportunity for investors to acquire a collection of rare freehold properties in prime locations that continue to attract strong and consistent demand, supporting long-term rental growth and capital appreciation,” says Ong Zhen Hao, Associate Director of Capital Markets, Singapore at CBRE. The three assets differ in size, redevelopment potential and price, which Ong says widens the range of buyers they suit. He expects interest from family offices, high-net-worth individuals and owner-occupiers looking to secure strategic premises for their businesses and long-term investment holdings. The difference in price also means that there is a high chance that the three properties will be sold individually, rather than as a portfolio. The two South Bridge Road buildings lean on the area’s office and tourist footfall and carry redevelopment potential, while the Frankel Avenue shophouse relies on the established residential catchment. The EOI for the sale of the portfolio closes on October 21. ## Chinese translation > Translation model: openai_codex_cli ### 三项永久地契物业以6700万新元推出市场 三项新加坡永久地契物业通过CBRE以合计6700万新元推出市场，其中两项被看作可改建为精品酒店，投标将于10月21日截止。 一个由三项永久地契资产组成的投资组合已以合计指导价6700万新元推出出售，包括South Bridge Road的两栋商业建筑，以及Frankel Avenue的一栋两层店屋。这些物业可整体或单独购入。 South Bridge Road的两栋商业建筑——74 South Bridge Road，以及80/82 South Bridge Road——售价分别为2050万新元和4000万新元。与此同时，位于89/A Frankel Avenue的店屋挂牌价为650万新元。 作为商业物业，两栋South Bridge Road建筑的交易向外国人和企业实体开放，并且不征收额外买方印花税（ABSD）或卖方印花税（SSD）。 不过，Frankel Avenue店屋被划为“Residential with Commercial at 1st storey”，因此购买其住宅用途二楼部分须缴纳ABSD。 该投资组合将通过由独家营销代理CBRE管理的意向书（EOI）招标出售。 地址 | 土地面积（平方英尺） | 总楼面面积（平方英尺） | 价格 | 每平方英尺价格（按总楼面面积） 80/82 South Bridge Road | 3,127 | 9,848 | 4000万新元 | 4,062新元 74 South Bridge Road | 1,093 | 5,791 | 2050万新元 | 3,540新元 89/A Frankel Avenue | 2,296 | 3,441 | 650万新元 | 1,889新元 总计 | 6700万新元 商业建筑已全数出租，并具备改建机会 位于80/82 South Bridge Road的物业为Golden Castle Building。该六层物业坐落于一幅3,127平方英尺地段上，总楼面面积（GFA）为9,848平方英尺。全部六层均已出租。 这些地段在最新总体规划下被划为“Commercial”，地积比率为4.2，CBRE正将未使用的剩余楼面作为重建潜力推广；若当局批准集约化发展，总楼面面积将约为13,133平方英尺。 该物业4000万新元的指导价按总楼面面积计算为每平方英尺4,062新元，按潜在重建面积计算则为每平方英尺3,046新元。 该建筑的一楼和二楼拥有餐饮批准，而URA记录显示，近期截至2024年3月，两层均有继续作餐厅用途的书面许可。 两栋六层商业建筑相隔数个门牌，位于South Bridge Road同一路段。来源：CBRE 再往下数个门牌，74 South Bridge Road为Wong Shee Fun Building。该建筑坐落于1,093平方英尺地段上，六层建筑的总楼面面积为5,791平方英尺，各楼层租户来自多种商业类型。 2050万新元的指导价按现有总楼面面积计算为每平方英尺3,540新元。 今年6月，URA放宽了Upper Circular Road一带新酒店、旅舍和服务式公寓的规定。该政策调整通过一份通告公布，结束了该区域长达12年的新增短期住宿禁令，使这些店屋对投资者更具吸引力。放宽措施作为为期两年的试点运行至2028年5月，这意味着买家仍需在试点期满前取得改建批准。 但CBRE表示，两栋建筑因此“有望受益于更强的重建灵活性”，买家可考虑将其改造成精品酒店，但须获批准。 两栋建筑位于Chinatown与Central Business District之间，Raffles Place、City Hall和Clarke Quay均在短步行距离内。零售与行人流量通常来自办公人员、居民和游客。 四个地铁站均在步行范围内：North East Line的Clarke Quay、North East和Downtown Lines的Chinatown、North South和East West Lines的Raffles Place，以及Downtown Line的Telok Ayer。 South Bridge Road沿线近期商业销售包括76 South Bridge Road的Merchants Building和72 South Bridge Road的MMI Building内的空间。Merchants Building的六至十楼单位于2022年4月售出，成交价为2040万新元，而MMI Building于2022年7月以3900万新元售出。 38 South Bridge Road也于2026年7月以3800万新元推出，这是一栋经修复的保育建筑，坐落于2,624平方英尺地段上，总楼面面积为10,503平方英尺，即每平方英尺3,618新元。74 South Bridge Road每平方英尺3,540新元的要价比该挂牌价低约2%。 Frankel Avenue店屋的住宅部分须缴纳ABSD 第三项资产89/A Frankel Avenue，是位于第15邮区Frankel Estate有地住宅区内、East Coast Road附近的一栋店屋。该物业坐落于2,296平方英尺地段上，两层物业的建筑面积约为3,441平方英尺。 底层拥有永久餐厅批准，二楼获准作住宅用途。650万新元的指导价按两层合计计算为每平方英尺1,889新元。 该物业被划为“Residential with Commercial at 1st storey”，总地积比率为1.4。在该分区下，底层计为商业用途，其上一层计为住宅用途，因此上半部分按住宅印花税税率征税，若出售则须缴纳ABSD。 肉干零售商Bee Chun Heng占用底层，其余空间出租给一家越南咖啡馆和一家补习中心。该排店屋沿线其他零售租户包括Wine Connection Bar、The Coconut Club和Dutch Colony Coffee Co.，以及生活方式和健身经营者。 这一排商店服务周边有地住宅区，Frankel Estate就在门前，Opera Estate则相隔数条街。 Frankel Avenue更前方的一栋永久地契店屋于2025年2月以590万新元售出，按土地面积计算为每平方英尺2,566新元。其2,299平方英尺的地段与标的店屋几乎相同。 交易记录显示，过去五年Frankel Estate录得五宗店屋销售，每平方英尺价格介于1,739新元至2,566新元。标的店屋的指导价高于该价格区间，建筑面积更大，而地段面积大致相同。 “该投资组合为投资者提供了一个极具吸引力的机会，可在继续吸引强劲且稳定需求的黄金地段收购一组稀有永久地契物业，从而支持长期租金增长和资本增值，”CBRE新加坡资本市场副董事Ong Zhen Hao表示。 这三项资产在规模、重建潜力和价格上各不相同，Ong表示，这拓宽了其适合的买家范围。他预计家族办公室、高净值人士以及希望为其业务和长期投资持有锁定战略性场所的自用业主将表现出兴趣。 价格差异也意味着三项物业很可能会单独出售，而非作为投资组合出售。两栋South Bridge Road建筑依托该地区的办公和游客人流，并具备重建潜力；而Frankel Avenue店屋则依托成熟的住宅客源区。 该投资组合出售的EOI将于10月21日截止。