An exquisite corner row of three adjoining two-storey conservation shophouses with mezzanine at Madras Street up for sale by Expression of Interest

Singapore, 9 July 2025 – CBRE and Brilliance Capital, as the joint exclusive marketing agents, are pleased to present for sale, a corner row of three adjoining 2-storey conservation shophouses with mezzanine at 10 Madras Street. The sale will be conducted via an Expression of Interest exercise, which closes on Tuesday, 2 September 2025, at 3pm.

Strategically located in the heart of Singapore’s popular Little India Conservation Area, the shophouses occupy a prime and prominent corner land plot of approximately 4,321 sq ft, and has a total floor area of around 9,054 sq ft. The property enjoys an impressive 42-metre-wide dual frontage along Madras Street and a service lane, enabling the shophouses to command a captivating presence and visibility within the precinct. The shophouses have been meticulously restored by the existing owner and extensively renovated by the existing tenant – a well-established American company specialising in design and manufacturing of high-performance recreational sports equipment. Fully leased, the asset offers incoming investors immediate and stable rental income underpinned by a strong tenancy covenant.

The indicative guide price for the Properties is S$20.5 million, or approximately $2,264 psf on the total floor area. Recent transactions of similar shophouses within the vicinity includes 6 & 7 Perak Road ($13.08m or approx. $2,450 psf) and 4, 6 and 8 Belilios Lane ($7.05m or approx. $2,203 psf). With the Property’s zoning as “Commercial” under the Little India Conservation Area, the property is available to both local and foreign buyers, with no Additional Buyer’s Stamp Duty (ABSD) or Seller’s Stamp Duty (SSD) payable, making it an attractive proposition for a broad investor profile which may include foreigners and companies. 

 In recent years, the Little India Conservation area has witnessed a significant wave of rejuvenation, blending its existing heritage charm with fresh and new modern experiences. Some of these projects include the redevelopment of Tekka Place in 2019, upgrading of Tekka Centre in 2023 and the recent S$50 million refurbishment of City Square Mall, which will see the introduction of a new revitalised façade, an addition of about 26,000 sq ft of bonus GFA to the 11-storey retail mall and a new variety of F&B and retail amenities.  These developments underscore the district’s transformation into a vibrant city-fringe lifestyle and commercial hub, appealing to a growing community of tenants, tourists, and investors.




Mr Clemence Lee (利伟强), Executive Director, Capital Markets, Singapore at CBRE, says, “Priced at a palatable investment quantum of S$20.5 million, such beautifully refurbished conservation shophouses are typically tightly-held and rarely available for sale. Owners of such assets often see them as a means for long term wealth preservation and capital appreciation. The rejuvenation of the Little India and Rochor precinct is expected to accelerate, driven in large part by the ongoing development of the North-South Corridor (NSC) along Sungei Road. Slated for completion in 2029, the NSC will significantly enhance connectivity to the nearby Bugis and Ophir-Rochor districts. In addition to easing vehicular movement through subterranean expressway links, the corridor will introduce a network of street-level green and community spaces designed to improve pedestrian access and overall liveability. These infrastructure upgrades are expected to further energise the Little India area, reinforcing its appeal as a vibrant cultural and lifestyle destination for both tourists and locals. In light of these transformative developments, the property is well-positioned to attract strong interest from a broad spectrum of investors, including family offices, boutique real estate funds, local enterprises, owner-occupiers, and high-net-worth individuals.

Ms Sammi Lim (林妍孜), Founder and Executive Director, from Brilliance Capital, says, “This is a rare opportunity to own a beautifully restored and income-yielding heritage asset in one of Singapore’s most vibrant and evolving precincts. With a strong international anchor tenant in place, the property presents a low-maintenance, worry-free proposition for discerning investors. We are seeing growing interest from ultra-high-net-worth individuals and family offices who are looking to deploy capital into income-producing assets with minimal management hassle. This property’s tenancy profile—being fully leased to a reputable brand—gives buyers peace of mind in terms of stability and long-term value. The current interest rate environment has also created favourable conditions for acquisition, with previously cautious investors now re-entering the market with greater confidence. Furthermore, we have observed that some end-users are purchasing now with the intention to hold for income in the short term, while potentially repurposing the space for their own operations in the future.”

In addition to its income-generating potential, the property offers various value enhancement and repositioning opportunities, subject to approval from the relevant authorities. These include converting the ground floor unit into “Restaurant” use, capitalising on the vibrant street frontage and high footfall associated with Little India’s tourist draw. The upper floors could also be converted into “Co-Living” or “Students’ Hostel” use, taking advantage of the strategic city-fringe location and the property’s close proximity to educational institutions such as LaSalle College of the Arts, the School of the Arts (SOTA), and Singapore Management University (SMU). 10 Madras Street enjoys seamless connectivity being located at the focal point of three MRT Stations – Rochor (2-mins walk), Jalan Besar (5-mins walk) and Little India MRT Interchange (8-mins walk). It is also well-served by major roads and expressways such as the nearby Central Expressway (CTE), making it highly accessible to other parts of Singapore. With the future completion of the NSC adjacent to the site, connectivity will be further enhanced, reinforcing the asset’s long-term desirability and appeal.