The shophouse occupies a 1,020 sq ft site and is currently fully tenanted, providing successful buyer with immediate rental income. Photo: CBRE
A 3-storey conservation shophouse at 44 Upper Weld Road has been put up for sale via expression of interest (EOI) with a guide price of $4.8 million or $1,600 per sq ft (psf) on the total floor area, revealed exclusive marketing agent CBRE.
With a total floor area of about 3,000 sq ft, the shophouse occupies a 1,020 sq ft site and is currently fully tenanted, providing the successful buyer with immediate rental income.
Under the 2019 Master Plan, the freehold site is zoned for “Commercial” use under the Little India Historic District Conservation Area. This means foreigners can acquire the shophouse, with no Additional Buyer’s Stamp Duty (ABSD) or Seller’s Stamp Duty (SSD) payable.
Clemence Lee, Senior Director of Capital Markets for Singapore at CBRE, is confident the shophouse will appeal to a wide pool of buyers including owner-occupiers and investors, given its prime city fringe location and freehold tenure.
“Subject to approval from the relevant authorities, the successful buyer can explore various change-of-use options for the shophouses, such as restaurants, fitness centres or medical clinics, to unlock capital values and enjoy rental upside in the future. The buyer will also have naming and signage rights to the property,” he said.
And with border restrictions gradually easing and Singapore’s tourism and hospitality sector expected to recover in the near future, Lee believes the property will “benefit from the spillover of commercial activities in Little India, which has been earmarked by Singapore Tourism Board as the one of Singapore’s must-see tourist destinations”.
“This will then also translate into strong rental and capital appreciation in the medium to long term for the buyer,” he added.
A 3-minute walk to Jalan Besar MRT Station, the property is also near various bus services along Jalan Besar and Serangoon Road.
The EOI exercise for the shophouse closes on 21 October.
Victor Kang, Digital Content Specialist at PropertyGuru, edited this story. To contact him about this story, email: firstname.lastname@example.org