Shophouses in Little India, Chinatown conservation areas launched for sale

Three plots of prime conservation shophouses located in Little India and Chinatown conservation areas are being offered for sale by expression of interest.

The plot in Little India is a block of four adjoining shophouses, while the other plots are two shophouses in Chinatown.

Located within Little India along Jalan Besar, the 999-year leasehold block of four shophouses are located directly opposite Sim Lim Tower and sit on a land area of 3,337 sq ft, with a total gross floor area of about 6,200 sq ft. These units are highly visible and enjoy high footfall, according to marketing agent Knight Frank.

Currently, the units are fully occupied with coffeeshops on the ground floor and offices on the upper levels.

Mary Sai, executive director (investment and capital markets) for Knight Frank Singapore, said: “Well-located coffeeshops and F&B outlets serving good cuisine are generally crowd pullers and are actively sought after by both investors and food operators. Furthermore, the Jalan Besar MRT station is just a stone throw away from the shophouses.”

The last transaction in the vicinity was a two-storey shophouse with an attic at 208 Jalan Besar which changed hands for S$5.45 million in June this year. “As such, a guide price of between S$16 million to S$18 million for the four shophouses is reasonable and realistic.”

Of the two units for sale in Chinatown, one is located along South Bridge Road across Maxwell Food Centre. The shophouse has a land area of 1,270 sq ft and a gross floor area of about 3,200 sq ft. The ground floor is currently a restaurant and upper floors are offices. The expected price for the unit is around S$7 to S$7.5 million. The recent shophouse transaction in February this year was two adjoining shophouses at 273/275 South Bridge Road by EU Realty (Singapore), a fully owned subsidiary of Eu Yan Sang International, for S$26.5 million.

The third conservation shophouse is located at Sago Street in the heart of Chinatown. Within walking distance to Chinatown MRT station, the site has a land area of 1,064 sq ft and a gross floor area of about 3,000 sq ft. The ground floor is currently a retail shop and upper floors, offices. The guide price for this unit is S$6.5 to S$7 million.

In the first half of 2018, the total transaction value for shophouses reached a new high of S$818.1 million compared to the last peak of S$881 million in the first half of 2013.

The expression of interest exercise will close at 3pm on Sep 11.

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