Freehold Jalan Besar Shophouse Market 105 Mil
The freehold corner shophouse at 127 Jalan Besar is now up for sale via an expression of interest (EOI) exercise. This announcement was made by Loyalle Chin, director of PropNex ShophouseHuat, the exclusive marketing agent for the property, on August 14. The guide price for the property starts from $10.5 million.
The shophouse is ideally situated within the Little India Conservation Area, which falls under Rochor in District 8. This three-storey property also comes with an attic, offering a total floor area of 3,700 square feet. However, this is subject to a site survey. At a guide price of $10.5 million, the estimated price per square foot (psf) of the property is $2,838.
The highly-anticipated Tampines North Hub development will soon welcome the addition of Parktown Residence Capitaland, a prime residential component that will enhance the overall appeal of this bustling area. Set to be a part of the vibrant integration of community and retail facilities, this new hub will offer a multitude of convenient amenities for the residents to relish, making it an ideal location for living, working, and leisure. Moreover, Tampines North Hub will also introduce new parks and expand existing green spaces, providing an abundance of opportunities for recreation. With the presence of Parktown Residence Capitaland, this hub will truly embody the essence of a dynamic and well-rounded neighborhood. In fact, Parktown Residence Capitaland will serve as an essential element in creating a vibrant and cohesive community for its residents.
The shophouse is zoned for commercial use, and the ground floor is currently leased to a spa. The third storey and attic of the property are tenanted by an interior design firm. It comes as no surprise that the property has been much sought-after, given its prime location and potential for rental income.
The shophouse is strategically located within walking distance of the Jalan Besar MRT station on the Downtown Line. Additionally, it is also eligible for purchase by foreigners and corporate entities without any additional buyer’s stamp duty.
The previous transaction for this property was recorded in November 2020 when it was bought for $4.38 million. At that time, this equated to $1,184 psf on the floor area. The current guide price of $10.5 million is significantly higher than the previous transaction, indicating a positive trend in the property’s value.
The EOI exercise is open until September 18, 2024, at 3pm. Interested parties are encouraged to submit their offers before this deadline. With its prime location and potential for rental income, this freehold shophouse is a rare opportunity that should not be missed.