Two adjoining Freehold Conservation shophouses have been put up for sale. An Expression of Interest for 355 and 357 Jalan Besar, the two adjacent two-storey shophouses has been launched.
The freehold properties cover a land area of around 3,066 sq ft and as per the Master Plan of 2014, they have been zoned commercial with 3.0 plot ratio.
The GFA for the two properties is 6,100 sq ft in total and as per the conservation guidelines the buyer can build a rear extension which can go up to six storeys high after receiving necessary approvals from the authorities.
This will let the buyer add around 9,198 sq ft gross floor area to the existing property.
The highlight of the two shophouses is the visibility they enjoy with 11 metres of road frontage on Jalan Besar. The site is also in close proximity of Bendemeer MRT Station which is only 300 meters away.
The Central Business District is only 8 minutes’ drive from the property as it enjoys easy access to important parts of Singapore.
There has been lot of rejuvenation in the location over the last few years and several big commercial developments have come up along with towering residential projects.
This has added the vibrancy of the place making it into a hub for entertainment, lifestyle and cultural activities.
These have brought increased footfall to the place. Among the major developments in the areas are City Square Residences, City Square Mall along with the recently finished ARC 380 and Sturdee Residences which is under development.
Director for Capital Markets at CBRE, Sammi Lim in a recent statement said that shophouses have witnessed a major pick-up rate in recent times.
Most investors are hunting for superior shophouse assets and see them as a mid as well as long term investment opportunity.
According to her, this trend was established by the sale of two developments 300 meters away from the shophouses that have been put up for sale. The deal in June 2018 had clocked S$13.8 million.
She further added that Jalan Besar and other locations in the city fringe is attracting the eyes of the investors as they have seen upside in rentals and also promise good gain in capital.
It is the adjoining shophouses that attract maximum attention as they offer good development potential in terms of intensification of the plot.
For some investors buying adjacent shophouses is similar to investing in land or a boutique property. These properties offer freedom to design the space as they like either for self-occupation or for their tenants.
One tenant currently has lease for two shophouses. With a public parking lot located in close vicinity the site draws advantage. There are also ample parking spaces available alongside several commercial buildings nearby.
Mrs Lim concluded by saying that given the high visibility of the shophouses the buyer has the option to add to the property’s value.
It is an ideal pick to be redeveloped into F&B stores, corporate offices, fitness centres, educational classrooms, showrooms and co-working space.
The freehold property doesn’t invite Additional Buyers’ Stamp Duty or Sellers’ Stamp Duty being a commercial site and foreigners are also eligible to buy it.
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