Photo of Shophouses along Jalan Besar (Source: Huttons Asia)
A pair of adjoining freehold commercial shophouse have been put up for sale via an expression of interest (EOI) with a guide price of $17.5 million.
The subject conservation property is currently a 2 storey plus attic shophouse with a land size of approximately 2,617 sq ft and an existing built-up area of approximately 7,036 sq ft. It is zoned for commercial use under the URA Masterplan 2019.
The property enjoys a very prominent frontage and high visibility from the main road of Jalan Besar. The property is easily accessible as Farrer Park and Bendemeer MRT stations are within walking distance.
Jeremy Lim, Senior Group District Director of Huttons Asia Pte Ltd said: “The property has a very efficient column free layout between the two adjoining units, allowing operators to maximum the use of the interior and it also has a high ceiling of about 4.5 metres. This gives the buyer flexibility over the renovation of the interior and use. It is very suitable and recommended for gyms, showrooms and offices. The property is surrounded by new and old famous eateries, cafes and restaurants. There is high human traffic from both locals and tourists.”
“The demand for and popularity of conservation shophouses has increased tremendously over the past 3 years among investors and family offices. Interest has shifted to areas like Jalan Besar as the prices are seen as more reasonable. A pair of shophouses along Jalan Besar was transacted at $28 million or $3,067 psf in May 2022 so this deal at $2,487 psf is very attractive,” Mr Lee Sze Teck, Senior Director of Research added.
As both properties are zoned “Commercial” under the URA Master Plan, foreigners and companies are eligible to purchase and Additional Buyer’s Stamp Duty is not applicable.
The Expression of Interest (EOI) closes on Wednesday, 7th September 2022 at 3pm.
For further information, please contact:
Jeremy Lim, Senior Group District Director, Singapore
Tel: +65 8858 1212 | firstname.lastname@example.org