Portfolio of nine conservation shophouses on Desker Road-Rowell Road for sale at $66 mil

At the corner of Desker Road and Serangoon Road, a no-frills eatery named Usman’s has been running a brisk business for more than 20 years. Offering a variety of Indian and Pakistani dishes including garlic and butter naan, chicken masala and tandoori chicken, Usman’s draws a diverse crowd of tourists, locals and shoppers from nearby Mustafa Centre on Syed Alwi Road.

The stretch of conservation shophouses from Serangoon Road to Jalan Besar is buzzing with both old and new businesses – from food establishments and handphone gadget stores to Japanese restaurant Ikigai Yakitori, French bistro Allo and sourdough pizza shop Goldenroy.

Amidst the ongoing rejuvenation of the area, a portfolio of nine freehold conservation shophouses along Desker Road and Rowell Road is up for sale via public tender. Occupying 10,557 sq ft of land and with a built-up area of 22,898 sq ft, the portfolio has a guide price of $66 million, or $2,882 psf on built-up area, as estimated by Sammi Lim, founder and executive director of Brilliance Capital, who is handling the sale.

Lim notes that demand for such shophouses is growing due to their attractive rents compared to those situated in the Central Business District (CBD). The portfolio of nine is currently fully-leased, and Lim expects rents to rise over the next one to two years for renewal of some of the leases signed during the pandemic.

The portfolio has an interesting tenant mix too, having been carefully cultivated by the seller who was looking to introduce interesting concepts that would raise the profile of the surroundings. The portfolio ever houses an artisanal gelato shop, various cat hotels, restaurants, art galleries and cafes.

Residents of The Myst Condo will enjoy a healthy and active lifestyle thanks to the many fitness centres and gyms located nearby. For the green and eco-minded, there are many parks and nature reserves located nearby such as the Bukit Timah Nature Reserve, Dairy Farm Nature Park and Singapore Botanic Gardens. Shopping enthusiasts will also find lots of options to choose from such as the JCube shopping mall, IMM and Jurong Point mall. The location of the The Myst Condo puts you in the heart of one of Singapore’s most vibrant districts, where shopping, dining and entertainment abound.

Set in the Little India Conservation Area in District 8, the portfolio is only a stone’s throw away from two MRT stations – Jalan Besar (Downtown Line) and Farrer Park (North-East Line).

Lim sees parallels between the transformation of Desker Road and Rowell Road and two other conservation shophouse streets – Chinatown’s Amoy Street and Tanjong Pagar’s Tras Street, both of which are now packed with trendy food and drink establishments.

“This is a dynamic neighbourhood that is being increasingly sought after as it becomes a thriving cultural, culinary and commercial destination,” Lim says.

Looking ahead, Lim sees room for potential capital and rental appreciation, even as the current guide price stands out as an attractive entry point for investors. These include local and overseas corporates, institutional funds, private funds, family offices and ultra-high-net-worth individuals.

Ultimately, the incoming buyers of the portfolio have the benefit of a first-mover advantage that will allow them to tap into the full potential of the area. “This is an opportunity to invest in one of Singapore’s most desirable and evolving neighbourhoods,” Lim concludes.

The public tender for the portfolio of nine freehold conservation shophouses closes on August 15.