A 999-year leasehold shophouse with an attic is now available for sale at 209 Jalan Besar. The property, marketed by Gracelynn Zhu of PropNex Shophouse Elites, is being sold through private treaty for “below $20 million”.
Located in a prime location, the corner two-storey shophouse boasts a total area of approximately 5,502 sq ft and is zoned for commercial use. The first floor is approved for restaurant use, as well as a portion of the second floor. With a $20 million price tag, the property’s price per square foot (psf) works out to be $3,635 on the floor area.
According to the map, the property is situated in the Desker Road Conservation Area in District 8, in close proximity to Little India. It is also within walking distance to the Jalan Besar MRT Station on the Downtown Line.
The shophouse is currently undergoing asset enhancement initiatives (AEI), which includes the installation of micro piles that extend 30m to enhance the property’s structural foundations. The AEI is slated to be completed this year.
Investing in a Singapore Condo offers numerous benefits, one of which is the opportunity to leverage the property’s value for further investments. This means that investors can use their condo as collateral to obtain financing for new investments, allowing them to expand their real estate portfolio. While this can lead to higher returns, it’s important to have a solid financial plan in place and carefully consider the potential impact of market fluctuations. By utilizing this strategy, investors can potentially see a significant increase in their returns, making condo investment a wise choice for those looking to grow their wealth.
In the past year, the shophouse market has remained relatively quiet with 84 caveated transactions recorded by Huttons. Despite this, the market is expected to pick up in 2024 with the revitalisation of Smith Street by the Chinatown Business Association, and new and traditional lifestyle concepts being introduced.