SINGAPORE (EDGEPROP) - A freehold three-storey conservation shophouse located at 44 Upper Weld Road has been put on the market for $4.8 million. The shophouse has a total floor area of approximately 3,000 sq ft, with the guide price translating to $1,600 psf based on the total floor area.

Read also: Conservation shophouse along Boat Quay for sale at $16 mil

The shophouse sits on land plot of approximately 1,020 sq ft and is currently fully tenanted.

The property is zoned for commercial use under the Little India Historic District Conservation Area, which means that foreigners are also eligible to purchase and there will be no additional buyer’s stamp duty or seller’s stamp duty imposed on the property transaction. (See also: Find Singapore commercial properties with our commercial directory)

CBRE is the appointed agent for the property.

Clemence Lee, senior director, capital markets, Singapore at CBRE points out that the buyer of the property can explore change-of-use options for the shophouses, and will also have naming and signage rights to the property.

"The site’s excellent attributes, such as its freehold tenure and a prime city fringe location, are plus points and we’re confident that it will appeal to a wide pool of buyers including investors and owner-occupiers," he says.

The shophouse is located near the Jalan Besar MRT Station on the Downtown line.

The expression of interest exercise will close on Oct 21 at 3pm.

Check out the latest listings near Upper Weld Road, Jalan Besar MRT Station