A block of four adjoining shophouses in Little India, as well as two shophouses in Chinatown, have been put up for sale. The properties are being sold for about $32 million in total, and are all fully tenanted, says Knight Frank Singapore, the marketing agent.
The block of four adjoining shophouses in Little India, at 25 to 31 (odd numbers) Jalan Besar, occupies a 3,337 sq ft plot with a 999-year tenure. The two-storey, refurbished shophouses have a total gross floor area (GFA) of about 6,200 sq ft. They are at the junction of Jalan Besar and Dunlop Street, facing Sim Lim Tower. The area has a mix of boutique hotels, hostels, and eating houses. The shophouses are highly visible and enjoy a high footfall, and they comprise coffeeshops on the ground floor and offices on the upper floor.
“The last transaction in the vicinity was a two-storey shophouse with an attic at 208 Jalan Besar which changed hands for S$5.45 million in June 2018. As such, a guide price of between S$16 million and S$18 million for the four shophouses is reasonable and realistic,” says Mary Sai, executive director for investment and capital markets at Knight Frank.
One of the Chinatown shophouses that is up for sale is a 99-year leasehold, three-storey shophouse at 274 South Bridge Road, across Maxwell Food Centre. The shophouse sits on a 1,270 sq ft site and has a GFA of about 3,200 sq ft. A restaurant occupies the ground floor, while offices are on the upper floors. The expected price for the unit is about $7 million to $7.5 million. Most recently, the area saw two adjoining shophouses at 273/275 South Bridge Road fetch $26.5 million in Feb.
The other property, at 22 Sago Street, is a three-storey, refurbished conservation shophouse. It sits on a 1,064 sq ft plot with a 99-year tenure, and a GFA of about 3,000 sq ft. The ground floor is occupied by a retail shop and the upper floors by offices. The property has a guide price of $6.5 million to $7 million.
“The shophouses are (fully) tenanted and in good locations. They will appeal to investors looking for recurring income, as well as buyers who want to add conservation shophouses in central locations to their portfolio of properties for capital growth,” says Sai.
The expression of interest exercise will close on Sept 11.