TWO freehold adjoining shophouses along Jalan Besar have been put up for sale via expression of interest (EOI) with a guide price of S$23 million, which translates to S$2,520 per square foot on its existing gross floor area.
Located at 309 and 311 Jalan Besar, the property sits on a corner site spanning 3,267 square feet (sq ft) along Jalan Besar and Petain Road, which is about 500 metres away from the Farrer Park and Bendemeer MRT stations and a 10-minute drive to the Central Business District.
The shophouses collectively comprise 2 storeys with an attic as well as a 4-storey rear extension, with an existing combined built-up area of about 9,127 sq ft.
In a press statement on Wednesday (Mar 16), exclusive marketing agent Savills Singapore said the property may be reconfigured to suit a wide spectrum of commercial uses given its rare F&B (food and beverage) approval on the ground, third and fourth floors.
It is currently 100 per cent tenanted and therefore gives potential investors an immediate income stream, added the agent.
Savills also highlighted the property’s 40-metre dual road frontage, which gives it high visibility and footfall throughout the day.
Considering its corner plot location, the buyer will also have potential naming and signage rights.
According to Sophia Lim, associate director of investment sales & capital markets at Savills, shophouses in the Jalan Besar area have gained attention over the last 12 months due to their potential for rental and capital appreciation.
“With competing freehold shophouses in the market offering yields of only around 2 per cent, this is an opportunity to acquire a pair of beautifully restored shophouses which are stabilised at 2.4 per cent,” she said.
The EOI for 309 and 311 Jalan Besar will close at 3 pm on Apr 19.
The property is zoned for commercial use under the Urban Redevelopment Authority’s Master Plan 2019, meaning that it is not subject to additional buyer’s stamp duties or seller’s stamp duties. Foreigners and companies will also be eligible to purchase it.