# Freehold conservation shophouse at 148 Jalan Besar up for sale at $8.5 mil

- **Source:** EdgeProp Singapore
- **Published:** 2026-07-29T02:00:00.000Z
- **Author:** Cecilia Chow
- **Original:** https://www.edgeprop.sg/property-news/freehold-conservation-shophouse-148-jalan-besar-sale-85-mil
- **Topics:** Commercial & Industrial, Government & Policy, Transactions & Deals

## Featured rationale

The sub-$10 million price, immediate income and nearby development pipeline may attract selective investors seeking scarce freehold heritage assets with potential footfall growth.

## AI summary

A fully tenanted freehold conservation shophouse at 148 Jalan Besar is offered at $8.5 million, or $3,735 psf based on built-up area.

## Original article

A freehold, Art Deco-style conservation shophouse at 148 Jalan Besar has been offered for sale by an expression of interest (EOI) exercise with a guide price of $8.5 million.

The two-storey shophouse sits on a freehold lot of 1,675 sq ft with a built-up area of 2,276 sq ft. The guide price of $8.5 million therefore translates to $3,735 psf.

The shophouse is anchored by the showroom of a well-known international consumer brand on the first level; and Mizuki Flora, which conducts floral arrangement and traditional Japanese Ikebana minimalist floral arrangement workshops, on the second level.

Read also: Freehold Jalan Besar shophouse for sale at $8.5 mil

With the shophouse fully tenanted, the property investment provides the buyer with immediate rental income, says Sammi Lim, founder and executive director of Brilliance Capital, the exclusive marketing agent for 148 Jalan Besar.

"Opportunities to acquire freehold conservation shophouses below the $10 million mark have become progressively scarce, particularly those located just minutes from the Central Business District," she observes.

The property is zoned commercial under the URA Master Plan 2025 and lies within the Little India Conservation Area in District 8. The two-storey shophouse enjoys prominent frontage along Jalan Besar and is just a two- to three-minute walk from Jalan Besar MRT Station on the Downtown Line. Car park options include street parking and the carpark at the nearby Berseh Food Centre.

148 Jalan Besar enjoys a 5m wide frontage. "Such shophouses allow you to have outdoor seating," says Lim.

Old-school businesses give way to new generation of tenants

"The shophouses along Jalan Besar have been gentrified," adds Lim. "In the past, this whole stretch used to be home to sanitaryware and hardware shops. Over time, these family-owned companies have closed as the proprietors have retired, and the next generation is unwilling to continue the business."

Some of those businesses were relics of the past: Lim recalls selling a shophouse that had a pulley system for moving goods between the two floors some 15 years ago.

Read also: Chinatown shophouse trio The Platinum at Upper Cross Street relaunched at $45 mil, 18% below year-ago price

These old-school businesses have been replaced by "a new generation of tenants," she notes. They include cafes like Chye Seng Huat Hardware, Two Bakers, The Tiramisu Hero, Moonchild and Le Lavain French-style artisanal bakery, as well as Italian restaurant Locanda by Buona Terra, which holds a Michelin star.

Indie retail options include Jungalore, a lifestyle store with botanical décor, along with thrift and vintage pop-ups such as Fashion Pulpit and PlayDate Thrift Store.

Based on caveats lodged, the two latest transactions along Jalan Besar were done in the second half of 2025. The latest was for a 999-year leasehold shophouse with a footprint of 1,300 sq ft at 159 Jalan Besar, which changed hands for $7.5 million in October 2025. A month earlier, in September 2025, three freehold adjoining shophouses at 203, 205 and 207 Jalan Besar were sold collectively for $36.5 million.

GLS tender results point to strong investor interest

The recent government land sale (GLS) tender in the area points to strong investor interest in the Little India Conservation Area.

On July 28, the tender for a GLS site with a cluster of 18 conserved Art Deco terraced houses built in 1927 closed with seven bids. The 99-year leasehold site is at the junction of Chitty Road and Veerasamy Road in Little India, and is near Jalan Besar.

The top bid of $35.29 million or $962 psf per plot ratio for the GLS site came from YK Land. That bid was 48% higher than the second-highest bid, from a joint venture between construction company Conint and SEEDoE Ventures, an affiliate of real estate developer Kimen Group.

Read also: Rare conservation shophouse in Jalan Besar up for sale at $8.19 mil

The successful bidder for the site will be required to retain and restore the existing buildings. The site has been earmarked for either long-stay serviced apartments (SA2) or strata landed housing development, subject to prior written approval, notes Mohan Sandrasegeran, head of research and data analytics at SRI.

SA2 option 'particularly attractive'

Sandrasegeran believes the SA2 option (minimum three months' stay) could prove "particularly attractive" given the site's central location and accessibility. Under the tender conditions, the development on the GLS site can accommodate up to 36 serviced apartments. He expects the site will appeal to professionals, expatriates and other residents seeking medium- to longer-term rental accommodation.

"Compared to the alternative strata landed housing scheme, the serviced apartment option also allows for a higher unit yield and may provide developers with greater flexibility in generating recurring rental income," he adds.

Existing boutique hotels nearby include Wanderlust by The Unlimited Collection, The Vagabond Club and Hotel NuVe Urbane. Co-living spaces and hotels in the area include The Assembly Place @ Veerasamy, Social on Mayo and Owen House by Hmlet. The newly refurbished conservation shophouses at 111 Jalan Besar opened in June as a 20-unit serviced apartment offering managed by Cove.

Potential increase in footfall from new residential developments

New residences are also coming up in the area. Besides the 407-unit, 99-year leasehold Piccadilly Grand, which is fully sold and obtained Temporary Occupation Permit (TOP) in October 2025, an upcoming 99-year leasehold private condo in the launch pipeline is a 428-unit project on Dorset Road by a joint venture made up of UOL Group, Singapore Land Group and Kheng Leong Co.

Meanwhile, HDB Build-To-Order (BTO) projects completing within the next two years include River Peaks I and II (960 units), targeted for completion by June 2028; King George Heights (398 units), expected to obtain TOP in September 2027; Farrer Park Fields (1,274 units), targeted for TOP in June 2028; and the neighbouring Farrer Park Arena (569 units), in 2027.

"The completion of these BTO projects and private condos over the next few years could potentially bring over 4,000 new households to the area within the next two years," says Jeremy Ng, associate director of Brilliance Capital. "This could in turn increase foot traffic in the neighbourhood."

Transformation of neighbouring Bugis–Ophir–Rochor Corridor

Ng sees Jalan Besar benefitting from the transformation of the neighbouring Bugis–Ophir–Rochor Corridor, together with enhancements under the Kallang Alive Master Plan. Jalan Besar, he adds, continues to evolve into a vibrant lifestyle district.

Despite heightened global uncertainty from the ongoing US-Iran war, Singapore continues to benefit from its reputation as a safe-haven investment destination, says PropNex in its 2Q2026 shophouse report published on July 27.

According to PropNex, there were 16 shophouse transactions in 2Q2026, with a total sales value of $193.7 million — a 115.2% q-o-q increase from nearly $90 million in the previous quarter. On a y-o-y basis, the 2Q2026 sales figure was 52.4% higher than 2Q2025's sales value of $127.1 million.

However, PropNex expects shophouse investment activity to remain measured for the rest of 2026, as investors stay cautious and selective.

'Defensive asset class'

Still, shophouses will continue to be sought-after by investors, says Lim. "They have proven to be a defensive asset class and a store of wealth over time, despite market fluctuations," she adds.

What's more, Jalan Besar has transformed into "one of Singapore's most distinctive heritage precincts, where conserved architecture sits alongside award-winning restaurants, boutique hotels, cafés, creative studios and lifestyle concepts," according to Lim.

This unique blend of heritage, culture and commerce has enhanced the precinct's appeal to both occupiers and investors, supporting healthy leasing demand and long-term value appreciation, notes Lim.

The EOI for the shophouse at 148 Jalan Besar will close on September 3 at 3pm.

Check out the latest listings for Jalan Besar, District 8 properties

## Chinese translation

> Translation model: grok_cli

### 惹兰勿刹148号永久地契保育店屋以850万新元挂牌出售

指导价850万新元，按建筑面积2,276平方英尺计算，折合每平方英尺3,735新元。

位于惹兰勿刹148号一栋永久地契、装饰艺术（Art Deco）风格的保育店屋，已通过意向书（EOI）征集方式挂牌出售，指导价为850万新元。

这栋两层店屋坐落于1,675平方英尺的永久地契地段，建筑面积为2,276平方英尺。因此，指导价850万新元折合每平方英尺3,735新元。

店屋底层为一家知名国际消费品牌的展厅；二楼则是Mizuki Flora，开设插花及传统日本花道（Ikebana）极简插花工作坊。

另读：永久地契惹兰勿刹店屋以850万新元出售

由于店屋已全部租出，这项物业投资可为买家带来即时租金收入，负责148 Jalan Besar独家营销的Brilliance Capital创始人兼执行董事Sammi Lim表示。

她观察道：“以低于1,000万新元收购永久地契保育店屋的机会已越来越稀缺，尤其是那些距中央商务区仅数分钟路程的物业。”

该物业在《市区重建局总体规划2025》下被划为商业用途，并位于第8区小印度保育区内。这栋两层店屋享有惹兰勿刹显眼临街面，步行约两至三分钟即可到达地铁市区线（Downtown Line）惹兰勿刹站。停车选择包括路边泊车及附近柏城熟食中心（Berseh Food Centre）停车场。

惹兰勿刹148号享有5米宽的临街面。Lim说：“这类店屋可设置户外座位。”

传统业态让位给新一代租户

Lim补充说：“惹兰勿刹一带的店屋已经士绅化。过去，整段街几乎都是洁具与五金店。随着时间推移，这些家族企业因东主退休而结业，下一代也不愿接手。”

其中一些业态已成往昔遗迹：Lim回忆约15年前曾售出一栋装有滑轮系统、用于在两层之间运送货物的店屋。

另读：牛车水店屋三合一项目The Platinum（位于Upper Cross Street）以4,500万新元重新推盘，较一年前价格低18%

她指出，这些传统业态已被“新一代租户”取代。其中包括Chye Seng Huat Hardware、Two Bakers、The Tiramisu Hero、Moonchild以及法式手工面包店Le Lavain等咖啡馆，以及获米其林星的意大利餐厅Locanda by Buona Terra。

独立零售选择则包括以植物风装饰为主的生活方式商店Jungalore，以及Fashion Pulpit与PlayDate Thrift Store等二手与复古快闪店。

根据已提交的交易记录（caveats），惹兰勿刹沿线最近两笔交易发生在2025年下半年。最新一笔是位于惹兰勿刹159号、占地约1,300平方英尺的999年地契店屋，于2025年10月以750万新元易手。一个月前，即2025年9月，位于惹兰勿刹203、205及207号的三栋相邻永久地契店屋以合共3,650万新元集体售出。

政府售地投标结果显示投资者兴趣浓厚

该区近期政府售地（GLS）投标结果，显示投资者对小印度保育区兴趣强烈。

7月28日，一处包含18栋建于1927年的保育装饰艺术排屋的GLS地段投标截止，共收到七份标书。该99年地契地段位于小印度Chitty Road与Veerasamy Road交界，靠近惹兰勿刹。

该GLS地段最高标价为3,529万新元，或按容积率计每平方英尺962新元，由YK Land投出。该标价较第二高标——建筑公司Conint与房地产开发商Kimen Group关联公司SEEDoE Ventures组成的联营企业——高出48%。

另读：惹兰勿刹稀有保育店屋以819万新元挂牌出售

中标者须保留并修复现有建筑。SRI研究与数据分析主管Mohan Sandrasegeran指出，该地段已规划可用于长住服务式公寓（SA2）或分层有地住宅开发，惟须事先取得书面批准。

SA2选项“尤其具吸引力”

Sandrasegeran认为，鉴于地段位处市中心且交通便利，SA2选项（最短入住三个月）可能“尤其具吸引力”。根据投标条件，该GLS地段上的发展项目最多可容纳36间服务式公寓。他预期该地段将吸引专业人士、外籍人士及其他寻求中长期租赁住宿的住户。

他补充说：“与另一方案分层有地住宅相比，服务式公寓选项也可带来更高的单位收益率，并可能为发展商在创造经常性租金收入方面提供更大灵活性。”

附近现有精品酒店包括Wanderlust by The Unlimited Collection、The Vagabond Club及Hotel NuVe Urbane。该区共居空间与酒店则包括The Assembly Place @ Veerasamy、Social on Mayo及Owen House by Hmlet。位于惹兰勿刹111号、经翻新的保育店屋已于6月开业，提供由Cove管理的20间服务式公寓。

新住宅项目或带动客流增加

该区亦有新住宅项目陆续落成。除已全数售罄、并于2025年10月取得临时入伙准证（TOP）的407个单位、99年地契项目Piccadilly Grand外，推盘管道中还有一个位于Dorset Road、由UOL Group、Singapore Land Group与Kheng Leong Co联营开发的428个单位、99年地契私人共管公寓项目。

与此同时，未来两年内落成的建屋发展局预购组屋（BTO）项目包括：River Peaks I及II（960个单位），目标于2028年6月竣工；King George Heights（398个单位），预计于2027年9月取得TOP；Farrer Park Fields（1,274个单位），目标于2028年6月取得TOP；以及邻近的Farrer Park Arena（569个单位），预计2027年落成。

Brilliance Capital副董事Jeremy Ng表示：“这些预购组屋与私人共管公寓在未来数年陆续落成，未来两年内有望为该区带来逾4,000个新住户家庭。这反过来可能增加社区的人流。”

邻近武吉士–奥菲–梧槽走廊转型

Ng认为，惹兰勿刹将受惠于邻近武吉士–奥菲–梧槽走廊（Bugis–Ophir–Rochor Corridor）的转型，以及加冷活力总体规划（Kallang Alive Master Plan）下的提升措施。他补充说，惹兰勿刹正持续演变为一个充满活力的生活方式街区。

尽管美伊战争持续带来全球不确定性上升，新加坡仍因其避险投资目的地的声誉而持续受惠，PropNex在7月27日发布的2026年第二季度店屋报告中表示。

据PropNex，2026年第二季度共有16宗店屋交易，总成交额达1.937亿新元——环比前一季度近9,000万新元大增115.2%。同比而言，2026年第二季度成交额较2025年第二季度的1.271亿新元高出52.4%。

不过，PropNex预期2026年余下时间店屋投资活动仍将保持审慎，因投资者态度谨慎、挑精拣肥。

“防御性资产类别”

尽管如此，Lim表示店屋仍将继续受到投资者追捧。她补充说：“它们已被证明是一种防御性资产类别，也是随时间推移的财富储存载体，即使市场波动亦然。”

此外，据Lim所说，惹兰勿刹已转型为“新加坡最具特色的遗产街区之一，保育建筑与屡获殊荣的餐厅、精品酒店、咖啡馆、创意工作室及生活方式概念比邻而立”。

Lim指出，这种遗产、文化与商业的独特融合，提升了该街区对占用者与投资者的吸引力，支撑稳健的租赁需求与长期价值升值。

惹兰勿刹148号店屋的意向书征集将于9月3日下午3时截止。

查看惹兰勿刹、第8区物业最新挂牌