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

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.

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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.

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These old-school businesses have been replaced by "a new generation of tenants," she notes.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.

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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.

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