Two shophouses at Perak Road up for sale at $13 mil

April 10, 2023 0 Comments

A pair of conservation shophouses located in the Jalan Besar/Little India precinct of Singapore, located at 6 and 7 Perak Road, have been listed for sale via tender. The properties carry a guide price of $13 million, which works out to a total floor area of 5,360 sq ft at a rate of $2,425 psf. The two-storey shophouses with mezzanine space are situated on a 2,870 sq ft land area with an 11.4m-wide frontage.

In close proximity to the Bugis area and surrounded by numerous amenities, the properties receive strong rental demand due to their well-maintained condition and prime location. The current owner has received multiple offers from prospective tenants, however the vendor is looking to sell the shophouses vacant.

With the tourism sector gaining strong momentum post-pandemic, these properties may be an ideal option for hostel operators looking to tap renewed interest for convenient and accessible accommodation among incoming tourists and travelers. Investors also stand to benefit from the potential capital growth and strong rental yield of over 3%.

The tender for the shophouses will close on May 8 at 3pm, and as they are zoned for commercial use, no additional buyer’s stamp duty is payable on the purchase.

Given the current climate of increased tourism and investment opportunities, these conservation shophouses are an attractive option for buyers looking to make a strong return on their investment. Situated in a prime location with minimal refurbishments required, the properties may provide a world of possibilities for their new owner.