Savills Singapore, as the exclusive sole marketing agent, is pleased to offer for sale via Expression of Interest (EOI), a pair of freehold adjoining shophouses on a rare corner site along Jalan Besar.
309 & 311 Jalan Besar (“the Property”) is a pair of adjoining shophouses that is two-storey with attic with a four-storey rear extension in the heart of Jalan Besar. Enjoying dual road frontages, the property sits on a rare corner site of approximately 3,267 square feet and has an existing built-up area of approximately 9,127 square feet. This provides the flexibility for the space to be reconfigured to suit a wide spectrum of commercial uses. The Property currently has rare F&B approval on three floors - ground, third and fourth floor. It is currently 100 per cent tenanted, giving potential investors an immediate income stream.
Prominently situated along Jalan Besar and Petain Road with 40m dual road frontage, the Property enjoys high visibility and footfall throughout the day. The desired corner plot location of the Property provides the buyer potential naming and signage rights. The immediate vicinity is home to an eclectic mix of new and old commercial business and retailers, famed F&B eateries, and bar operators. This city fringe location has transformed over the years into an exciting lifestyle enclave frequented by both tourists and locals.
Ms Sophia Lim, Associate Director, Investment Sales & Capital Markets at Savills Singapore, said: “Jalan Besar is fast rejuvenating and has attracted popular occupiers seeking to gain a foothold in this upcoming lifestyle enclave. In the last 12 months, Jalan Besar shophouses have gained attention from investors due to their potential for rental and capital appreciation. This is a rare opportunity for investors to own a pair of eye-catching corner shophouses with F&B approvals and ride the Jalan Besar wave forward.’’
The Property enjoys excellent accessibility, with 2 MRT stations, Farrer Park (NE8) and Bendemeer (DT23) located 500m from it. The Property enjoys seamless connectivity to the key precincts in Singapore, while the CBD is accessible within a ten minutes’ drive.
“The guide price for 309 & 311 Jalan Besar is at $23 million or $2,520 psf GFA. With competing freehold shophouses in the market offering yields of only around 2 percent, this is an opportunity to acquire a pair of beautifully restored shophouses which are stabilized at 2.4%. As the Property is zoned ‘’Commercial’’ under the 2019 Masterplan, it is not subject to Additional Buyers’ Stamp Duties or Seller Stamp Duties. Foreigners and companies will be eligible to purchase,” added Ms Lim.
The Expression of Interest (EOI) exercise closes on Tuesday, 19 April, at 3pm.