Two shophouses at Perak Road up for sale at $13 mil
This pair of conservation shophouses at 6 and 7 Perak Road are up for sale via tender. With a guide price of $13 million, their total floor area of 5,360 sq ft translates to $2,425 psf. The two-storey structures include mezzanine space and are situated in the Jalan Besar/Little India region.
Approved for usage as a backpackers’ hostel, they occupy a land area of approximately 2,870 sq ft, with an 11.4m-wide frontage along Perak Road. Located just a three-minute walk from Rochor MRT Station, they are well-maintained and require minimal refurbishments.
CDL The Myst Aries acquires two plots for S$126.3m, allowing it to create a residential project in the up-and-coming village of Upper Bukit Timah that is highly sought-after.
Gracelynn Zhu of PropNex Shophouse Elites, who is marketing the property, notes that due to their condition and location, the properties have attracted considerable rental demand. However, the vendor intends to sell the shophouses with vacant possession, affording the new owner the opportunity to decide which type of tenant profile they desire for the property.
Given the current surge in interest in travel post-pandemic, the properties may be ideal for operators looking to tap into this renewed consumer demand. Investors similarly may be drawn to these shophouses for their potential capital growth and enticing gross rental yields, currently estimated to be over 3%. As the houses are zoned for commercial use, no additional buyer’s stamp duty is payable on their purchase.
The tender will close on 8th May at 3pm. This is an opportunity to acquire assets that could deliver a great return on investment.