23 September 2021 – Savills Singapore, as the exclusive marketing agent, is pleased to offer for sale a 999-year tenure non-conservation shophouse at Jalan Besar, with value-add potential, via an Expression of Interest exercise.
284 Jalan Besar is a two-storey with attic non-conservation shophouse with a 999-year tenure. Located along the main bustling road of Jalan Besar, the Property has a land area of 1,600 sq ft and an approximate built-up area at 3,100 sq ft. It is one of the few non-conservation shophouses in the Jalan Besar/ Kallang locality, providing opportunity for value-add or a total redevelopment up to six storeys high. The Property is equipped with modern specifications, being well served by a staircase located at the front of the Property, renovated toilets, and a full-sized kitchen with concrete flooring.
Currently, the Property enjoys a ready income stream, and the flexible configuration within the Shophouse allows for the prospective purchaser to explore value-add opportunities in the mid-term. With a staircase located at the front of the Property, the shophouse can be leased out to multiple tenants. The Property also enjoys having 2 separate entrance points, located at the front and back of the shophouse. As a non-conservation shophouse, 284 Jalan Besar benefits from the flexibility to reconfigure the space to suit an entire spectrum of commercial uses, such as F&B restaurants, cafes, co-living, gym, medical, offices etc, subject to relevant authorities’ approval.
Prominently situated within a stretch of F&B shophouses at Jalan Besar, the Property enjoys high footfall and visibility around the clock. The Property is approximately 200m to City Square Mall and is adjacent to the Jalan Besar Stadium and Swimming Complex. The Property is well connected, with a bus stop located directly right in front, and is accessible via the Central Expressway (CTE) and Kallang - Paya Lebar Expressway (KPE).
Ms. Sophia Lim, Senior Manager, Investment Sales & Capital Markets at Savills Singapore, said: “City fringe locations like Jalan Besar have become popular amongst investors in the last 12 months due to their rental upside and potential for capital appreciation. A non-conservation shophouse in the heart of Jalan Besar is few and far between. 284 Jalan Besar is not subject to the conservation guidelines and presents value-add potential or redevelopment up to 6-storeys. The recent GLS site at nearby Northumberland Road received 10 bids and was sold at a record price. Upcoming developments will bring new footfall to the area and will further boost the vicinity’s vibrancy and allure.
The guide price for the shophouse is $5.9 million. As the Property is zoned ‘’Commercial’’, it is not subject to Additional Buyers’ Stamp Duties or Seller Stamp Duties. Foreigners and companies will be eligible to purchase. The Expression of Interest exercise closes on Thursday, 21 October 2021, at 3pm.