Savills Singapore, as the exclusive marketing agent, is pleased to offer for sale a freehold shophouse at 131 Tyrwhitt Road via an Expression of Interest (EOI) exercise.
Situated in the heart of the charming Lavender and Jalan Besar heritage district, 131 Tyrwhitt Road comprises of a two-storey and attic conservation shophouse with a three-storey rear extension. The shophouse sits on a freehold site of approximately 1,499 square feet and has a total floor area of approximately 3,509 square feet.
Under the Master Plan 2019, the shophouse is zoned “Residential with Commercial at 1st Storey” with a plot ratio of 3.0. Currently fully tenanted, the ground floor has obtained “Restaurant” approval and is occupied by a popular café while the upper floors are rented out to a well-established international co-living operator. Having undergone major additions and alterations and upgrading in 2016, the shophouse features an outdoor alfresco dining area and has been thoughtfully designed to include ensuite toilets in every room.
In recent years, the Lavender / Jalan Besar precinct has been undergoing rejuvenation and has been gentrified into a vibrant lifestyle locale that is popular with the locals and expatriates. Rich in history and cultural heritage, the Lavender / Jalan Besar area has attracted a diverse mix of tenants which includes boutique hotels, hipster cafes and reputable co-living spaces. Just one street away from the main Jalan Besar Road, Tyrwhitt Road is a bustling, well-known food street home to some of the trendiest cafés, such as Chye Seng Huat Hardware, Druggists and Wimbly Lu.
Ms. Yap Hui Yee, Senior Director, Investment Sales & Capital Markets at Savills Singapore, said: “Following the sale of 133 Tyrwhitt Road, a two-storey conservation shophouse in its original condition, in November 2021 for $6.35 million, 131 Tyrwhitt Road is arguably the only shophouse along this bustling main stretch of Tyrwhitt Road which is on sale. The shophouse ownership along this vibrant F&B stretch is very tightly held. Given the limited supply, charming characteristic of the shophouse and quaint locale, we believe this opportunity will appeal to owner occupiers, high-net-worth individuals or family offices for long term investment.”
With Bendemeer MRT station a few minutes’ walk away and ample public car parking in the vicinity, the shophouse experiences high footfall throughout the day.
Ms Yap shared: “There has been a flurry of shophouse activity in the Jalan Besar district due to a demand spillover from Districts 1 and 2 shophouses as the price gap between CBD and city fringe shophouses is significant and investors perceive that values for city fringe area have yet to be maximised. Enjoying a rental yield of more than 3%, 131 Tyrwhitt Road is a rare opportunity for buyers to purchase a freehold, tastefully restored, exquisite heritage shophouse in an exciting and fast-growing enclave.”
The guide price for 131 Tyrwhitt Road is $7.5 million; $2,137 psf on floor area.
The sale will be conducted through an Expression of Interest exercise which closes on Thursday, 21 July 2022, at 3pm.