Heritage commercial site in Little India for sale

By
/ EdgeProp
|
February 27, 2019 5:54 PM SGT
The former House of Tan Teng Niah (Credit: JLL)
A heritage commercial site in Little India is up for sale. The vendors have not set an asking price and are inviting offers through the tender exercise, says Karamjit Singh, senior consultant at JLL, who is marketing the property.
The site includes the former House of Tan Teng Niah, at 37 Kerbau Road; a pair of adjoining two-storey heritage shophouses at 41/43 Kerbau Road; a single-storey shop fronting Buffalo Road; and a single-level retail building comprising 14 shops at 672 Chander Road, with an open courtyard and two sheltered eating areas.
The portfolio of assets has received a valuation of $70.6 million, says Singh, and will be sold in its entirety.
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The property occupies 25,865 sq ft, and is zoned for commercial use under URA’s Master Plan 2014. A section of the site is to be retained as open space. The combined gross floor area (GFA) of all the buildings is estimated at 16,800 sq ft. The lettable space across all four buildings is almost fully leased, JLL says.
“This could well be one of the largest plots of privately-held commercial land located in the vicinity of the Little India MRT Station,” says Singh.
Foreigners are eligible to purchase the property. There would be no additional buyer’s stamp duty (ABSD) imposed on the purchase.
The expression of interest exercise will close on April 2 at 2.30pm.