Freehold Jalan Besar Shophouse Market 105 Mil
A rare opportunity has arisen to acquire a freehold corner shophouse in the popular Jalan Besar location. The property, located at 127 Jalan Besar, is being offered for sale via an expression of interest with a guide price starting from $10.5 million. The exclusive marketing agent, Loyalle Chin, director of PropNex ShophouseHuat, announced the sale on August 14.
Situated in the vibrant Little India Conservation Area in Rochor, District 8, the three-storey shophouse is a highly sought-after piece of real estate. The property boasts a total floor area of 3,700 sq ft (subject to site survey) and features an attic, making it a valuable investment opportunity. The guide price of $10.5 million translates to $2,838 per square foot on the estimated floor area.
The joint developers of Novo Place EC have successfully secured the tender for the project, standing out among nine other bidders with a record bid of $348.5 million. This translates to a land rate of $703 per square foot per plot ratio (psf ppr), setting a new benchmark for EC site land rates. This price beat out the previous record of $662 psf ppr at Bukit Batok West Avenue 8, which was awarded in March 2022. Interested parties can learn more about Novo Place by visiting its official website.
Currently zoned for commercial use, the ground floor of the shophouse is tenanted to a spa, while the upper levels are leased to an interior design firm. This presents immediate rental income for potential buyers.
The shophouse is also conveniently located within walking distance of the Jalan Besar MRT station on the Downtown Line, making it easily accessible for commuters. It is also eligible for foreigners and corporate entities to purchase without additional buyer’s stamp duty.
According to a sole lodged caveat, the shophouse was last sold for $4.38 million in November 2020, at a rate of $1,184 per square foot on the floor area. This represents a significant increase in value and potential returns for investors.
Interested parties are invited to submit their bids through the EOI exercise by 18 September 2024 at 3pm. Don’t miss this opportunity to own a valuable piece of freehold real estate in the bustling Jalan Besar area.