Three adjoining 3-storey conserved Jalan Besar shophouses up for sale by public tender at $44m

Singapore, 14 October 2024 – International property consultancy Knight Frank Singapore, as the exclusive marketing agent, is pleased to announce the rare availability of a corner plot of three adjoining three-storey freehold conserved shophouses for sale by public tender. 

Comprised in one title, 203/205/207 Jalan Besar is well-located at the busy junction of Jalan Besar and Sam Leong Road, directly opposite Jalan Besar Plaza. Prominent landmarks situated close by include TRIO,  Mustafa Centre, Tekka Centre and City Square Mall. The property is accessible via Jalan Besar, Lavender and Farrer Park MRT stations, and numerous buses that ply the busy transport arteries of Jalan Besar and Rochor Canal Road.

It sits on a land area of 6,378 sf with a gross floor area of about 13,000 sf. Zoned Commercial within the Jalan Besar Secondary Settlement conservation area with a 3.0 plot ratio, the rear of shophouses can be extended to six storeys to increase total gross floor area, subject to approval from the Urban Redevelopment Authority. 

There is also potential for leasing F&B outlets on the ground floor, which was formerly tenanted by an eating house. The upper floors are suitable for co-working spaces or service apartments, subject to approval from authorities.

Most transactions in the vicinity are for single shophouses, according to data by URA Realis. The most recent ones at Sam Leong Road and Desker Road have land sizes of 1,350 sf and 1,200 sf respectively.

Savvy investors would recognise this rare opportunity for acquisition, which brings opportunities to increase the floor area to maximise the property’s best use. The scarcity of three or more adjoining conserved shophouses in District 8 for sale, declining interest rates and shophouse transactions picking up adds to its appeal.

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), said, “Such shophouses are popular among both investors and owner occupiers, as they feature good frontages to main roads, naming and signage rights, and the opportunity to lease the spaces to multiple tenants and/or partial own use. 

“Although the last offer of $38.5m for the subject property fell through in September 2023, demand for shophouses remains resilient. A recent corner shophouse at 496 North Bridge Road was reportedly sold at $42 million, reflecting a good rate of $5,833 psf on a floor area of about 7,200 sf.”

As fully commercial assets, the shophouses are open to both local and foreign investors. Both Seller Stamp Duty and Additional Buyers’ Stamp Duty are not payable. The guide price is $44 million, and the tender sale will close on 15 November, at 3pm. 

Photo for use

Source: Knight Frank Sinagpore

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

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 27,000 people operating from more than 740 offices across over 50 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.