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Published January 3, 2012

Little India shophouses up for sale at $24-25m

Six adjoining units on Syed Alwi Rd stand on three plots with combined land area of 8,138 sq ft

By MINDY TAN


SIX adjoining three-storey shophouses in the Little India conservation area have been put up for sale by expression of interest, with an indicative price of $24-25 million.

Based on an indicative price of $24 million, this works out to $1,297 per square foot on a total floor area of 18,500 sq ft. The price tag also reflects a price of at least $2,949 psf with land area of 8,138 sq ft.

Located on Syed Alwi Road, the shophouses sit on three contiguous plots of freehold land with a combined area of 8,138 sq ft.

According to Mary Sai, executive director (commercial resale) of Knight Frank, such sites are rarely put up for sale nowadays, as they are 'collectable assets reflecting Singapore's history and built heritage'.

She added: 'With diversion of investors' interest to the commercial sector after the government's cooling measures imposed on residential properties, these shophouses will attract investors who may want to park their funds in non-residential properties and also those in the hospitality business who are keen to convert them into a backpackers' hostel or boutique hotel.'

Built in the 1950s, the ground floor space of the shophouses is being used by retail shops selling hardware and bicycles, while the upper floors are for dwellings.

Added Ms Sai: 'In the past 12 months, there have been 52 transactions of high-value shophouses (with prices in excess of $5 million) reflecting about a 30 per cent increase over 2010.

'Most of these shophouse transactions are in the Little India and Chinatown areas, which are popular due to their thriving locations and rental yields.'

The expression of interest exercise will close on Jan 19 at 3pm.