Freehold properties at 3 & 9 Norris going for $16.5 mil

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/ EdgeProp Singapore
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July 1, 2021 7:34 AM SGT
SINGAPORE (EDGEPROP) - Two adjoining freehold properties at 3 and 9 Norris Road have been offered for sale with a guide price of $16.5 million. The property at 3 Norris Road is a three-story shophouse while the adjoining two-storey building at 9 Norris Road was the former Ramakrishna Mission Building. (See also: Two freehold commercial buildings on South Bridge Road going for $45 mil)
Edmund Tie has been appointed as the sole marketing agent for the sale of these properties.
As a combined site, the two properties command a 33-metre street frontage along Norris Road. They occupy a total site area of 8,092 sq ft and have a combined built-up area of 18,362 sq ft. The guide price translates to $899 psf on the built-up area.
Under the 2019 Master Plan both properties lie within the Little India Historic District. The shophouse sits on a plot that is zoned ‘Commercial’ while the adjacent building is zoned ‘Civic & Community Institution’.
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three-storey building at 9 Norris Road - EDGEPROP SINGAPORE
The properties consist of a three-storey building at 9 Norris Road and an adjacent three-storey shophouse at 9 Norris Road. (Picture: Edmud Tie)
The former Ramakrishna Mission Building features an eclectic blend of architectural styles from Baroque-styled pediments to the Indian floral petal motifs. The heritage building was gazetted for conservation in October 2006.
“The architecture mirrors the multiracial make-up of Singapore in its early years. Conserved properties like this are rich in heritage charm and are a collector’s item for their scarcity,” says Tan Chun Ming, executive director of investment advisory at Edmund Tie.
The adjoining shophouse boost the floorplate size and allows for more flexibility in terms of the overall layout and design, says Lee Joo Fee, associate director of investment advisory at Edmund Tie.
She adds: “It is also a rare opportunity to acquire two adjoining properties in the vibrant Little India district. The subject properties’ strategic city-fringe location within the arts, heritage and cultural district will attract both locals and tourists to ensure regular footfall to the area.”
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Both properties will be sold collectively on as ‘as-is-where-is’ condition and the tender exercise for the sale of both properties will close on August 4.
Check out the latest listings near Norris Road, Little India