Three Adjoining Shophouses Prominently Located Along Jalan Besar For Sale via Expression of Interest
Singapore - 13 July 2015
CBRE is pleased to launch the Expression of Interest sale of 138 to 142 Jalan Besar, a row of 3 adjoining 2-storey with attic, freehold conservation shophouses along Jalan Besar Road.
The offering, located at 138 / 140 / 142 Jalan Besar, has a combined land area of approximately 4,353 square feet. The total current gross floor area is approximately 9,719 square feet. The site is zoned for commercial usage under the Historic District (Little India) Conservation Area in the 2014 Master Plan.
Strategically located along the main road of Jalan Besar, the shophouses enjoy about 14 metres of prominent street frontage with high visibility. Public transport is also conveniently located along the main roadside of Jalan Besar Road. The existing Farrer Park MRT Station is within a short walking distance and the upcoming Jalan Besar MRT Station (Downtown Line) will be approximately 100 metres away. The CBD is within easy reach and located 10 minutes away by car. The properties enjoy accessibility to other parts of the island via major arterial roads such as Pan Island Expressway (PIE), Central Expressway (CTE) and Nicoll Highway.
Being one of the first roads to be built in Singapore, Jalan Besar boasts a rich history and has witnessed many changes to its landscape. The architecture in the area is so unique that Jalan Besar has been given conservation status by the Urban Redevelopment Authority in their Conservation Master Plan since 25 October 1991.
The immediate vicinity is home to a mix of old and new small commercial businesses, conservation houses, hotels as well as numerous eateries, markets and shopping malls which contribute to the bustling area frequented by many individuals across Singapore.
Major landmarks include City Square Shopping Mall, Jalan Besar Stadium, Connexion, Berseh Food Centre, New World Centre, boutique and backpackers hotels. A new crop of hip eateries, cool bars and creative offices have also sprung out in the area.
Sammi Lim, Associate Director, Investment Properties, CBRE said, “Shophouses along Jalan Besar are always tightly held and extremely rare for any to be available for sale. For 138 to 142 Jalan Besar, the vendor has been occupying the premises over the past few decades.”
We have observed an increased interest from the market for such quality shophouse assets on the fringe of CBD for mid to long-term hold. We term these shophouses as a limited edition asset in the property market that comes with a distinctive façade, unique charm and rich historical value; and three adjoining shophouses in a row in a centrally located area is an extremely rare opportunity. With the adjoining shophouses being offered on a vacant possession basis, it provides the buyer with the extra flexibility and creativity to configure the space to suit their own-use requirements or cater to the needs of tenants.
We have had increased interest from buyers recently who are looking at such adjoining shophouses to carry out alterations and additions works to create an iconic building which they can call their own. Owning this Property is like buying into the medium to long term growth of the location. Property owners are expected to enjoy stronger capital upside moving forward in conjunction with the accessibility of the area with the opening of the new MRT (Downtown) line.
138 to 142 Jalan Besar will attract both local and overseas investors who are looking for quality assets for owner-occupation with potential rental and capital appreciation. We expect the sale to garner interest from both investors and owner-occupiers to use them as corporate headquarters with building naming rights for boutique law firms, architectural firms, creative outfits, oil & gas, F&B operators and family businesses.
The stretch of shophouses along Jalan Besar is strategically located along a bustling busy road, and would enjoy the voluminous visibility from this major thoroughfare. The current owners have been operating a family business for the past few decades and have enjoyed extreme convenience that the location offers.
As a commercial property, this expression of interest exercise is open to both local and foreigners with no additional buyers’ stamp duty (ABSD) or sellers’ stamp duty (SSD) imposed on the purchase of the property.
CBRE is the sole marketing agent for this Expression of Interest exercise. The expression of interest closes on 28 August 2015, Friday at 3 pm.
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Disclaimer:
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world's largest commercial real estate services and investment firm (based on 2016 revenue). The company has more than 75,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
