$16.5m price tag for 3 Jalan Besar shophouses

CBRE is seeking expressions of interest in the three adjoining double-storey shophouses. The guide price of $16.5 million for all three shophouses – which have a combined land area of 4,353 sq ft and a total gross floor area of 9,719 sq ft – work
CBRE is seeking expressions of interest in the three adjoining double-storey shophouses. The guide price of $16.5 million for all three shophouses – which have a combined land area of 4,353 sq ft and a total gross floor area of 9,719 sq ft – works out to $1,697 per sq ft. PHOTO: CBRE

Three adjoining shophouses in Jalan Besar have been put up for sale with a guide price of about $16.5 million.

CBRE, the sole marketing agent, yesterday called for expressions of interest in the double-storey freehold shophouses, each of which has an attic.

The shophouses, with a combined land area of 4,353 sq ft and a total gross floor area of 9,719 sq ft, are in an area zoned for commercial use in the Historic District (Little India) Conservation Area in the 2014 Master Plan, said CBRE.

CBRE's associate director of investment properties Sammi Lim said the guide price of $16.5 million for all three shophouses works out to $1,697 per sq ft.

With 14m of street frontage for all three shophouses, they are highly visible in Jalan Besar.

The site is a short walk from Farrer Park MRT station. The upcoming Jalan Besar MRT station will be about 100m away.

Ms Lim said: "Shophouses along Jalan Besar are always tightly held and it is extremely rare for any to be available for sale. For 138 to 142 Jalan Besar, the vendor has been occupying the premises over the past few decades." She added that there has been "increased interest from the market for such quality shophouse assets on the fringe of the Central Business District for mid- to long-term hold".

"We term these shophouses as a limited-edition asset in the property market that comes with a distinctive facade, unique charm and rich historical value; and three adjoining shophouses in a row in a centrally located area is an extremely rare opportunity," said Ms Lim.

An expression of interest sale gives potential buyers a specific period of time to view the properties and to make their offers to purchase by a specified time and date.

Since the property is a commercial one, the expression of interest exercise is open to both locals and foreigners, with no additional buyer's stamp duty or seller's stamp duty imposed on the purchase of the property, said CBRE.

The expression of interest exercise will close on Aug 28 at 3 pm.

A version of this article appeared in the print edition of The Straits Times on July 14, 2015, with the headline '$16.5m price tag for 3 Jalan Besar shophouses'. Print Edition | Subscribe