Pair of adjoining shophouses in Jalan Besar for sale at $23m guide price

It is being sold via Expression of Interest (EOI),

A pair of freehold adjoining shophouses located on a rare corner site along Jalan Besar and Petain Road was put on sale at a guide price of $23m or $2,530 psf gross floor area (GFA).

Savills Singapore, the marketing agent of 309 & 311 Jalan Besar, said the property is being sold via Expression of Interest (EOI) which will be closed on Tuesday, 19 April, at 3 pm.

The shophouses sit on a corner site of approximately 3,267 square feet and have an existing built-up area of approximately 9,127 square feet.

The two-storey adjoining shophouses have an attic with a four-storey rear extension. The property is 100% tenanted, and its ground, third, and four floors have F&B approvals.

“With competing freehold shophouses in the market offering yields of only around 2%, this is an opportunity to acquire a pair of beautifully restored shophouses which are stabilized at 2.4%.  As the property is zoned ‘Commercial’  under the 2019 Masterplan, it is not subject to Additional Buyers’ Stamp Duties or Seller Stamp Duties. Foreigners and companies will be eligible to purchase,” Sophia Lim, associate director of Investment Sales and Capital Markets at Savills Singapore, said.