Two shophouses at Perak Road up for sale at $13 mil
By Jennifer Venkat
/ EdgeProp Singapore |
The shophouses at 6 & 7 Perak Road (Photo: Propnex)
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SINGAPORE (EDGEPROP) - A pair of conservation shophouses at 6 and 7 Perak Road have been launched for sale via tender with a guide price of $13 million. This works out to $2,425 psf on the total floor area. The two-storey shophouses with mezzanine space have a built-up area of 5,360 sq ft. They have approval for usage as a backpackers’ hostel.
Map and overview of 6 Perak Road (Source: EdgeProp LandLens)
The properties occupy a land area of approximately 2,870 sq ft, with an 11.4m-wide frontage along Perak Road. Situated in the Jalan Besar/Little India precinct, they are a three-minute walk to Rochor MRT Station. The properties are well-maintained and require minimal refurbishments, says Gracelynn Zhu of PropNex Shophouse Elites, which is marketing the property. PropNex Shophouse Elites is a division under PropNex Realty,
Zhu notes that given their well-kept condition and strategic location in District 8 surrounded by amenities and close to the Bugis area, the properties enjoy strong rental demand, with the current owner receiving “multiple offers” from prospective tenants. Nonetheless, the vendor is looking to sell the shophouses with vacant possession, which will enable the new owner to decide which type of tenant profile they desire for the property, she adds.
Recent transactions of properties on Perak Road (Source: EdgeProp Research tool)
With the recovery of the tourism sector gaining strong momentum post-pandemic, Zhu believes the properties may be ideal for hostel operators looking to tap renewed interest for convenient and accessible accommodation among incoming tourists and travellers.
She also expects keen interest from investors seeking assets that can provide strong rental and capital growth. She estimates that the shophouses could potentially bring in a gross rental yield of over 3% for the future buyer. As they are zoned for commercial use, no additional buyer’s stamp duty is payable on the purchase of the properties. (Find Singapore commercial properties with our commercial directory)
The tender for the property will close on May 8 at 3pm.
Check out the latest listings near Perak Road, Rochor MRT Station
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