Trio of restored corner shophouses on Madras Street for sale at $20.5 mil
The 99-year leasehold shophouses at 10 Madras Street are priced from $20.5 mil. (All pictures by Samuel Isaac Chua/The Edge Singapore)
At the end of a row of conservation shophouses on Madras Street in the heart of Little India stands a corner block comprising three newly restored units. While the property bears the address 10 Madras Street, it comprises three adjoining shophouses, each under a separate title: 10, 12, and 14 Madras Street.
The shophouses were acquired individually over a six-year period, starting with 14 Madras Street for $1.88 million in June 2011, followed by 12 Madras Street for $1.872 million in August 2011, and finally 10 Madras Street for $3.5 million in September 2017. All three are on 99-year leases commencing from 1994, leaving a balance of 68 years.
Although the properties have been amalgamated and refurbished by the current owner, they remain on separate titles.
The interiors have been recently upgraded into a contemporary office space, featuring exposed internal brick walls, timber ceiling beams, and a palette of warm wood, raw concrete, and metal finishes.
The shophouse was recently renovated by its current tenant and features a modern industrial aesthetic.
The first floor features meeting rooms, collaborative spaces, a lounge, and a kitchenette with a dining area—all centred around an exposed airwall. The second floor accommodates workstations, meeting rooms, phone booths, and other flexible spaces, while the mezzanine level houses an office.
The entire property is leased to an American high-performance sporting equipment company, which moved in several months ago. After holding the assets for over a decade, the owner is now looking to divest the trio.
Brilliance Capital and CBRE have been appointed as joint marketing agents. The three shophouses are offered for sale collectively via an expression of interest (EOI) exercise closing on Sept 2.
‘Strong tenancy covenant’
The two-storey shophouses with mezzanine have a combined land area of 4,321 sq ft and a total gross floor area (GFA) of 9,054 sq ft. The indicative guide price is $20.5 million, translating to $2,264 psf based on GFA. The properties will be sold with existing tenancy.
“As the property is fully leased, the new owner will enjoy immediate and stable rental income supported by a strong tenancy covenant,” says Sammi Lim, founder and executive director of Brilliance Capital. “With a reputable international tenant in place, it presents a low-maintenance, worry-free investment for discerning buyers.”
Collision spaces like this lounge are found on the first floor.
“It’s rare for such beautifully refurbished shophouses in Little India to be put up for sale,” says Clemence Lee, executive director of capital markets, Singapore at CBRE. “Heritage properties with conservation status tend to be tightly held by long-term owners who value their capital appreciation potential.”
Rejuvenation in Little India
Under the URA Master Plan, the site is zoned for commercial use. As such, the shophouses are available to both local and foreign buyers, with no additional buyer’s stamp duty (ABSD) or seller’s stamp duty (SSD) applicable—broadening their appeal to a wider pool of investors, including family offices, high-net-worth individuals, boutique real estate funds, and corporates.
The property is situated next to Tekka Place Mall and is just a one-minute walk from Rochor MRT Station on the Downtown Line. It is also within walking distance of Little India MRT Interchange on the Downtown and North-East Lines.
The shophouse on Madras Street features workspaces on the second floor that include phone booths, working pods, and desks.
The upcoming North-South Corridor (NSC), which will run along nearby Sungei Road, is expected to further enhance connectivity between Little India, Bugis, and the Ophir-Rochor precinct.
Nearby landmarks include Tekka Market, Sim Lim Square, Sim Lim Tower, Citadines Rochor Singapore, and the McNally Campus of LaSalle College of the Arts—all of which have undergone rejuvenation in recent years. City Square Mall, for example, underwent a $50 million refurbishment in 2024, while Tekka Place opened in 2020 as a redevelopment of the former The Verge mall.
Growing investor interest in city fringe areas
Investor interest in conservation shophouses in the city-fringe neighbourhoods of Little India and Jalan Besar has risen steadily in recent years, particularly as prices in prime CBD areas such as Boat Quay, Amoy Street, and Telok Ayer continue to soar.
Based on caveats lodged, the most recent transaction along Madras Street was the sale of No. 22 for $5.2 million in February 2024. Meanwhile, No. 25 fetched $3.6 million in June 2023.
Other nearby transactions include a pair of corner shophouses at 6 and 7 Perak Road, which sold for $13 million in June 2023, and the recent sale of a shophouse at 20 Dickson Road for $6 million, based on a caveat lodged in early June.
The shophouse on Madras Street is leased to a high-performance American sporting equipment company.
According to Lim, there is growing interest among ultra-high-net-worth individuals and family offices for high-quality 99-year leasehold assets, including conserved shophouses.
“There’s increasing recognition that some 99-year leasehold shophouses are well-positioned for long-term growth and are attractively priced compared to freehold counterparts,” she says.
Lim adds that some local business owners are also entering the market, purchasing properties with the intent of eventually repurposing them for their own operations.
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