A three-storey, conserved shophouse at 20 Upper Weld Road is up for sale by expression of interest (EOI). It has been listed with a guide price of $11 million.

The freehold property in Little India in District 8 has a land area of 1,722 sq ft and a total floor area of about 4,050 sq ft. The guide price translates to $2,716 psf based on the floor area.

The property is zoned “commercial” under the URA Master Plan 2019 and is approved for F&B use on the first two floors, with office use on the third floor. Alternative commercial use on the third level could include co-living spaces or student hostels.

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The property is located about 101m from the Jalan Besar MRT Station (on the Downtown Line). “It is extremely rare to find a freehold F&B commercial asset less than a minute walk to an MRT station on the Downtown Line,” says Loyalle Chin, PropNex Realty senior associate district director and director of PropNex ShophouseHuat.

Little India has undergone a renewal in recent years. New commercial developments in the area include the mixed-use development Centrium Square (redevelopment of the former Serangoon Plaza), where all its retail units were sold for $135 million, or $4,967 psf, based on the strata area in 2016. The newly opened Hotel Mi Rochor is a redevelopment of the former Golden Wall Centre. Sim Lim Square and Sim Lim Plaza, which have stores selling electronics goods, are located nearby.

Upcoming residential projects include City Developments and MCL Land’s 407-unit, 99-year leasehold Piccadilly Grand at Farrer Park and two HDB developments designated as Prime Location Public Housing projects.

The EOI exercise for the shophouse at Upper Weld Road will close on Feb 28.