Rare, non-conservation shophouse at Jalan Besar up for sale with S$5.9m guide price
Rare, non-conservation shophouse at Jalan Besar up for sale with S$5.9m guide price
Sep 23, 2021
A 999-YEAR non-conservation shophouse located in Jalan Besar with value-add potential has been put up for sale via expression of interest (EOI) with a guide price of S$5.9 million.
The last time a non-conservation shophouse at Jalan Besar was put on the market was in January 2018, making the sale a rarity in an area mainly populated by shophouses under conservation status.
Due to its non-conservation status, the two-storey shophouse with an attic can be redeveloped up to six storeys high, sole marketing agent Savills Singapore said on Wednesday.
The property, located at 284 Jalan Besar, sits on a land plot spanning 1,600 square feet (sq ft) zoned for commercial use. This means foreigners and companies are eligible to purchase and there will be no additional buyers' stamp duties or seller stamp duties.
The site also has an estimated built-up area of about 3,100 sq ft. It is served by a staircase located at the front of the shophouse, renovated toilets and a full-sized kitchen with concrete flooring. Moreover, it has two separate entrance points located at the front and back of the property.
Having a staircase means the shophouse can be leased out to multiple tenants, Savills Singapore said. It added that the property enjoys a ready income stream, and the flexible configuration within the shophouse allows for value-add opportunities in the mid-term.
The shophouse can be reconfigured to suit various commercial uses including food and beverage (F&B) restaurants, cafes, co-living, gym, medical and offices, subject to relevant authorities' approval, Savills noted.
Savills Singapore senior manager of investment sales and capital markets Sophia Lim said city fringe locations like Jalan Besar have become popular with investors in the last 12 months due to their rental upside and potential for capital appreciation.
"Upcoming developments will bring new footfall to the area and will further boost the vicinity's vibrancy and allure," she added.
At present, 284 Jalan Besar is 200 metres away from City Square Mall. It is also adjacent to Jalan Besar Stadium and Swimming Complex and located in a stretch of F&B shophouses.
Other non-conservation shophouses outside Jalan Besar include those located at East Coast Road - the most recent transaction occurring in April 2021 for 689 East Coast Road.
Ms Lim said the whole stretch of properties along 689 East Coast Road can be redeveloped or have value-add potential.
The EOI exercise for 284 Jalan Besar will close on Oct 21 at 3pm.
