Marketing agent Cushman and Wakefield recently announced the sale options at Little India Heritage area where three adjoining corner shophouses are available with a reserve value of S11 million.
These properties have individual land titles and are located in the total land area of around 3,870 square feet; whereas the estimated floor area for the entire site is 7771 sq. ft. As per the indicative price range of $11 million; the price per sq. ft floor area can be calculated to be somewhere around $1,415 sq. ft.
Note that, these shophouses are actually located near the intersection point between Madras Street and Dalhousie Lane. However, this heritage site is widely known as Little India Conservation Area that is actually reserved for commercial purpose as per Master Plan 2014. It is important to note that these structures are designed over a leasehold land with a tenure starting from November 1993; it means the balance lease of 73 years is still remaining.
If we talk about the unit located in the close vicinity to 27 Dalhousie Lane; it is a two-story shophouse. Whereas the two units located at 31 and 29 Dalhousie Lane are two-story buildings with a mezzanine level. Interested buyers will be happy to hear that all these three units are already approved on the permanent basis for restaurant use at first floor, with office use in the upper level.
Few soon to be completed developments in the area include new hospitality and retail integrated development and Tekka Place; they are expected to become operational by the end of the year 2019. Other than this, the Golden Wall Center is going to have a large hotel development in the near future. Once the construction for Tekka Place is completed, these properties will also have direct connectivity with Rochor MRT and Downtown Line.
The executive director of Cushman & Wakefield, Shaun Poh recently said that these corner assets are positioned very well with close connectivity to Rochor area and superior frontage as well. Also, you will rarely find any other shophouse property in such close vicinity to MRT station.
The capital appreciation will be greatly affected after completion of Tekka Place and Golden Wall Center site; hence, interesting buyers can make potential benefits from this site. Once approved by the state authorities, this property can be also used for other needs such as co-worker spaces, enrichment schools, retail shops, fitness centers, and backpacker’s hostels as well.
The most amazing news about this shophouse property is that even foreigners are allowed to invest in this project. Moreover, the deals can be closed without applying additional stamp duty. The shophouses will be presently sold to the interested buyers with existing tenancies, and this sale will close by 3 PM July 23rdJuly.