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Three conservation shophouses in Jalan Besar selling for $32 mil

/ EdgeProp Singapore |

August 19, 2022 8:13 AM SGT

The property at 301 Jalan Besar, which comprises three adjoining shophouses, will be put up for auction on Aug 31 (Picture: SRI)

SINGAPORE (EDGEPROP) - Three adjoining conservation shophouses, which sit under a single land title located at 301 Jalan Besar, will be put up for sale via auction with a guide price of $32 million. It is an owner’s sale, with the auction scheduled for Aug 31, says SRI Auction’s managing partner Mok Sze Sze.

The two-storey, 999-year leasehold shophouses have an attic and a four-storey rear extension. The property sits on a land area measuring 3,798 sq ft that is zoned for commercial use, with a gross plot ratio of 3.0. Based on its total gross floor area (GFA) of 10,468 sq ft, the guide price works out to $3,057 psf. (Find Singapore commercial properties with our commercial directory)

“As the property is zoned [for commercial use], it will not be subjected to additional buyer’s stamp duty (ABSD) or seller’s stamp duty (SSD), and both foreigners and companies are eligible to purchase,” adds Mok. The first level of the property is used as a retail shop, while the second and third levels are used as an office. Meanwhile, the fourth level is temporarily being used as a residential space.

Map and overview of 301 Jalan Besar - EDGEPROP SINGAPORE

Map and overview of 301 Jalan Besar (Source: EdgeProp Inspector)

Mok believes the property will draw strong appeal given its location and frontage along Jalan Besar, which enjoys substantial traffic. “The property is likely to draw strong interest from buyers such as property funds, family offices and high-net-worth investors seeking opportunities to acquire such beautifully restored prime shophouses within the cityfringe area,” she says.

Located within the Jalan Besar Conservation Area, the property is within walking distance of three MRT stations — Farrer Park MRT Station on the North-East Line, Jalan Besar MRT Station on the Downtown Line and Lavender MRT Station on the East-West Line.

The property has potential for future redevelopment with an allowable building height capped at six storeys. Given the rising demand for co-working spaces, Mok says the property is ideal for redevelopment into a co-working space given its accessibility through public transport and proximity to many eateries.

In early August, a pair of freehold adjoining conservation shophouses in Jalan Besar was put up for sale via an expression of interest exercise. According to marketing agent Huttons Asia, the shophouses have a guide price of $17.5 million, or $2,487 psf. In May, two shophouses at 309 and 311 Jalan Besar — just a few doors down from the property at 301 Jalan Besar — were sold for $28 million, or $3,067 psf based on the total GFA of 9,127 sq ft.