Corner shophouse on Upper Weld Road for sale at $7.5 mi

By
/ EdgeProp Singapore
|
January 28, 2020 4:43 PM SGT
SINGAPORE (EDGEPROP) - In the Little India Conservation Area, a corner shophouse at 60 Upper Weld Road is now available for sale. Pearly Tan, associate marketing director of PropNex Realty and Ken Shi, key executive officer of Prop-Today.
The corner shophouse on Upper Weld Road that's on the market for $7.5 mil (Photo: Pearly Tan/PropNex Realty)
The corner shophouse on Upper Weld Road that's on the market for $7.5 mil (Photo: Pearly Tan/PropNex Realty)
The double-storey shophouse was torn down and rebuilt by the owner, with Temporary Occupation Permit (TOP) obtained in 2018. However, the original casement windows were restored. The new shophouse also features high ceiling, timber beams and timber flooring on the upper level.
The shophouse sits on a freehold site of 2,678 sq ft and has a built-up area of 4,800 sq ft. Given the double frontage and access on both sides of the road, the first level of the shophouse is ideal for F&B operations. In fact, the first level of the shophouse has been approved for F&B use, says PropNex’s Tan. The property is located within walking distance – just 235m away – from the Jalan Besar MRT station.
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The first level of the shophouse has been approved for F&B use (Photo: Pearly Tan/PropNex Realty)
The first level of the shophouse has been approved for F&B use (Photo: Pearly Tan/PropNex Realty)
The Little India Conservation area was active last year -- with at least 11 transactions based on caveats lodged to date -- especially on Dickson and Upper Dickson Road, Upper Weld Road and Veerasamy Road – from the start of 2019 to early January 2020.
The latest transaction was for an intermediate shophouse at 23 Upper Weld Road which changed hands for $4.45 million, according to a caveat lodged on Jan 7, 2020. However, the shophouse has a smaller footprint of just 1,700 sq ft.
The second level of the shophouse features high ceiling with timber beams and timber flooring (Photo: Pearly Tan/PropNex Realty)
The second level of the shophouse features high ceiling with timber beams and timber flooring (Photo: Pearly Tan/PropNex Realty)
One street away is Dickson and Upper Dickson Road. In December, a 999-year leasehold, shophouse on Dickson Road sitting on a 1,313 sq ft site, was sold for $3.648 million in December. Meanwhile, a 999-year leasehold shophouse sitting on an even smaller site of 635 sq ft on Upper Dickson Road, fetched $2.02 million.
The indicative price for 60 Upper Weld Road is $7.5 million, which is in line with its valuation, notes PropNex’s Tan. The corner shophouse is on the market for sale by expressions of interest from Jan 28, and will close on Feb 28, 2020.
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For price trends, recent transactions, other project info, check out Upper Weld Road research page
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