The shophouse block, located at the intersection of Jalan Besar and Veerasamy Road, was constructed with architectural elements from the late 1920s.
A stone’s throw from the Jalan Besar MRT station, the island block of five adjacent conserved shophouses along Jalan Besar is being purchased for S$40 million by Singapore-based real estate investment company 8M Real Estate.
Highlights of the shophouse block!
- The 3-story shophouse, situated on 6,584 square feet of land, has a 999-year leasehold from October 1926 and is part of the Little India Conservation Area.
- Approximately 7200 buildings are gazetted in about 100 conservation areas for conservation. Out of 6760 shophouses, Little India is the commercially zoned area with 1,180 sq ft shophouses.
- The block of shophouse located at the intersection of Jalan Besar and Veerasamy Road is entirely leased to commercial and office users.
Based on the information collected, the owner of the properties is Teo Siok GUan (Private Limited), who is selling the property. The transaction of this shophouse block has been brokered by Simon Monteiro of LSIR.
It is expected that once the sale is completed, 8M plans to invest an additional S$3 to S$5 million to revamp the property. They might even transform it into a hotel or serviced apartment to further their investment returns.
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I am Tyson Yuk, the founder of the blog Commercial Realty Singapore. With over 15 years of experience, my forte is in the commercial and luxury property line. With my blog, I aim to educate, advise and share tips and tricks with potential property buyers and investors to help them make successful property ventures.
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