Jalan Besar commercial conservation shophouse up for sale at $9.8 mil
The listing signals District 8 may benefit from investor demand spilling over from pricier shophouse markets in Districts 1, 2, 7 and 15, potentially supporting transactions.
The 999-year leasehold commercial conservation shophouse at 217 Jalan Besar Road is offered at $9.8 million, or about $2,279 psf, with EOI closing Oct 1.
Body
A 999-year leasehold commercial conservation shophouse at 217 Jalan Besar Road has been put on the market via an expression of interest (EOI) exercise with a guide price of $9.8 million.
The property, comprising a two-storey conservation shophouse with an attic and a four-storey rear extension, sits on a 1,440 sq ft site.
Based on the existing built-up area of about 4,300 sq ft, the guide price works out to around $2,279 psf.
Read also: Commercial conservation shophouse on Tras Street for sale at $15.6 mil
Sole marketing agent PropNex Shophouse Elites (PSE) said the property benefits from prominent road frontage and "excellent" visibility, and the purchaser may also have potential naming and signage rights.
In 1996, the owner carried out asset enhancement works to optimise the site’s allowable gross floor area based on its plot ratio of 3.0.
The building has concrete flooring throughout, regular column-free floor plates, and "generous" ceiling heights, which allow for efficient space planning and ease of reconfiguration, said PSE.
It currently houses a retail shop on the ground floor and office spaces on the upper floors.
Zoned for commercial use under URA’s Master Plan 2025, the property can be purchased by both local and foreign buyers, including companies, with no additional buyer's stamp duty payable.
The building recently completed the mandatory periodic facade inspection, with all the required remedial works carried out, which could offer buyers added confidence in the property’s upkeep and condition, said Richard Tan, founder of PSE. Periodic facade inspections help detect and address facade issues early to ensure public safety.
The shophouse is eight minutes away on foot from the Jalan Besar and Farrer Park MRT stations, with lifestyle amenities at Mustafa Centre and City Square Mall.
Read also: Pair of North Canal Road shophouses for sale at $8.5 mil
The marketing agent highlighted recent transactions nearby including the three adjoining freehold shophouses at 203, 205 and 207 Jalan Besar, which changed hands for $36.8 million in September last year.
Down the street, an intermediate shophouse at 365 Jalan Besar, on a land size of 1,706 sq ft, fetched $10.5 million based on a caveat lodged last March. Meanwhile, the conservation shophouse at 403 Jalan Besar, with a land area of about 1,439 sq ft, was sold for $8.8 million last May.
These transactions indicate the "continued depth" of investor demand for city-fringe conservation assets in Singapore, said PSE.
Moreover, with shophouse prices having risen significantly in Districts 1, 2, 7 and 15, some demand has been spilling over to District 8, according to Shirley Tan and Isabel Tan of PSE.
The EOI exercise for 217 Jalan Besar will close at 3pm on Oct 1.
Check out the latest listings for Jalan Besar properties