SINGAPORE - Three adjoining corner shophouses in the Little India heritage area are up for sale with a reserve price of S11 million, said its marketing agent Cushman & Wakefield on Monday (June 24).
The properties, with individual land titles, sit on a combined land area of about 3,870 square feet, and has an estimated total floor area of about 7,771 sq ft. The indicative price of $11 million works out to be about $1,415 per sq ft (psf) of total floor area.
The shophouses are situated at the intersection of Dalhousie Lane and Madras Street, within the heritage district of Little India Conservation Area, and zoned for commercial use under the Master Plan 2014. The properties also sit on a site with a 99-year leasehold tenure from November 1993, leaving a balance lease of about 73 years.
The unit located at 27 Dalhousie Lane is a two-storey shophouse, while the other two units at 29 and 31 Dalhousie Lane respectively, are part two-storey with a mezzanine level. All three units are approved permanently for restaurant use on the first floor, and for office use on the upper floors, Cushman & Wakefield noted.
Upcoming developments in the vicinity include Tekka Place, a new hospitality and retail integrated development slated to open by the end of this year, and the future hotel development at Golden Wall Centre. The properties will also enjoy direct connectivity to Rochor MRT along the Downtown line after Tekka Place has been completed.
Said Shaun Poh, executive director of capital markets at Cushman & Wakefield: "These prized corner assets are strategically positioned, and enjoy superb frontage and close proximity to the Rochor area, while situated within the Little India heritage area. It enjoys the best of both worlds. In addition, it is extremely rare for shophouses to be located so close to an MRT Station.
"The shophouses will likely appeal to discerning investors seeking to reap the potential gains from rental upside, and capital appreciation upon the completion of Tekka Place, and future projects such as the Golden Wall Centre site, and possibly the Sim Lim Square redevelopment upon its successful en-bloc sale."
Subject to approval from the authorities, other possible uses for the shophouses include backpacker's hostels, fitness centres, retail shops, enrichment schools or co-working spaces, added Cushman & Wakefield.
Foreigners are also eligible to purchase the properties and additional buyer's stamp duty is not applicable, the marketing agent added.
The shophouses will be sold with its existing tenancies, and the sale is conducted via an expression of interest exercise, which will close at 3pm on July 23.
