_Adjoining Jalan Besar shophouses on the market for $26 million
Singapore, 30 July 2024 – International property consultancy Knight Frank Singapore, as the exclusive marketing agent, is pleased to announce the sale of two adjoining conservation shophouses in the Jalan Besar area for sale via Expression of Interest (EOI).
The two-storey conservation shophouses with a 999-year lease tenure are sited on a combined land area plot measuring about 3,298 sq ft, with a total gross floor area of about 9,300 sq ft. Each comes with an attic and four-storey rear extensions. The subject properties are zoned for commercial use under the Master Plan, with a gross plot ratio of 3. The ground floors are currently leased to retail shops, while the upper floors are partially tenanted.
Located in District 8 along the busy main thoroughfare of Jalan Besar, the shophouses are surrounded by boutique hotels, eateries and conservation shophouses. Nearby shopping malls include Mustafa Centre, City Square Mall and TRIO, with Jalan Besar and Farrer Park MRT stations within close proximity.
Ms Mary Sai (蔡竺樾), Executive Director, Capital Markets (Land & Building, International Real Estate), Knight Frank Singapore (执行董事,资本市场部, 莱坊), says, “Since H2 2019, District 8 has seen the highest volume of shophouse sales due to the potential of such properties for capital growth and gentrification. Fronting the main road, these two shophouses promise high human footfall and traffic flow. Subject to approval from the relevant authorities, they can be converted into takeaway food shops on the ground floor and offices on the upper floors to achieve higher rent yields for investment.”
According to caveats lodged, there were 18 shophouse sales transactions in District 8 in the first half of this year, with a total value of S$106.1 million. Recent sales in the vicinity include three adjoining shophouses at 203/205/207 Jalan Besar which was sold at $38.5m in September 2023, and 76 Syed Alwi Road which transacted at $14.38m in February 2024.
The two shophouses can be sold together, or on an individual lot basis. The EOI exercise closes on 29 August 2024 (Thursday), 3PM.
Photo for use
Source: Knight Frank
For further information, please contact:
Mary Sai
Executive Director, Capital Markets (Land & Building, International Real Estate)
Knight Frank Singapore
mary.sai@sg.knightfrank.com | +65 9388 7879 | +65 6228 6886
Nicholas Keong
Senior Director and Head, Residential and Private Office
Knight Frank Singapore
nicholas.keong@sg.knightfrank.com | +65 9839 9361 | +65 6228 6870
Lilian Hoe
Director, Marketing, Communications, Legal and Compliance
Knight Frank Singapore
lilian.hoe@sg.knightfrank.com | +65 6228 6807
Notes to Editors
About Knight Frank
Knight Frank LLP is the leading independent global property consultancy. Headquartered in London, Knight Frank has more than 25,728 people operating from 604 offices across 58 territories. The Group advises clients ranging from individual owners and buyers to major developers, investors, and corporate tenants.
For further information about the firm, please visit knightfrank.com. Knight Frank has a strong presence in Singapore with a head office and two subsidiaries: Knight Frank Property & Facilities Management and KF Property Network. For further information about the Company, please visit www.knightfrank.com.sg.