Three Jalan Besar Shophouses Relaunched at S$44M Amid Resilient Market Demand
Three Jalan Besar Shophouses Relaunched at S$44M Amid Resilient Market Demand
October 14, 2024
CONDOsingapore.com
Three adjoining conserved shophouses at the junction of Jalan Besar and Sam Leong Road have returned to the market with a revised guide price of S$44 million, following the collapse of a S$38.5 million deal in September 2023 involving Crescendas Group chairman Lawrence Leow and his family.
Property Highlights
Location: Freehold land parcel of 6,378 sq ft, zoned Commercial under URA’s 2019 Master Plan.
Space: Gross floor area (GFA) of ~13,000 sq ft within the Jalan Besar Secondary Settlement conservation area.
Potential: Rear extension up to six storeys (subject to approval), offering expanded GFA. Current 3.0 plot ratio allows reconfiguration for mixed-use purposes, including F&B (ground floor), co-working spaces, or serviced apartments.
Market Context
Despite the earlier stalled transaction, Knight Frank notes sustained investor appetite for shophouses, driven by scarcity and versatile usage rights. Recent benchmarks include:
A North Bridge Road shophouse sold for S$42 million (S5,833 psf) in September.
A pending S$75–85 million deal for three adjoining shophouses near Bugis Cube.
Mary Sai, Knight Frank’s executive director of capital markets, emphasized the appeal of such assets: “Prime frontage, signage rights, and multi-tenant leasing opportunities attract both investors and owner-occupiers.”
Transaction Background
The previous buyer’s option lapsed amicably in late 2023, with the lodged caveat withdrawn. The properties now feature vacant possession, with rectification works underway to meet BCA requirements.
Investment Appeal
Knight Frank highlighted the rarity of three contiguous conserved shophouses in District 8 (Little India/Jalan Besar), coupled with declining interest rates and rebounding shophouse transactions. “This is a strategic opportunity to maximize returns through adaptive reuse,” the agency stated.
The public tender closes on November 15, 2024, at 3 PM.
