SRI Auction as the exclusive marketing agent, is pleased to offer for sale 301 Jalan Besar, a 3 adjoining commercial part 2-storey conservation shophouse with 4-storey rear extension via Auction.
The property guide price is $32 million which translate to an $3,057 per square feet (psf) on the existing gross floor area (GFA), said Mok Sze Sze, Managing Partner of SRI Auction.
The property has a total land area of approximately 3,798 sq ft. The site is zoned Commercial with a Gross Plot Ratio of 3.0 according to the 2019 Master Plan. The total GFA is approximately 10,468 sq ft. On the first level, it is currently used as a retail shop, the second and third level are currently used as office whilst the fourth level is temporarily used as residential.
The property is endowed with excellent main road frontage and high vehicular traffic throughout the day. Berseh Food Centre notable for its renowned local-favorite dishes and City Square Mall are both located within minutes’ walk. It is well-connected, with 3 MRT stations all within walking distance, Farrer Park (NE8), Jalan Besar (DT22) and Lavender (EW11). CBD is also easily accessible with a short drive.
The property is located within the Jalan Besar Conservation Area and potential for future redevelopment with a maximum allowable of 6-storey building height.
Jalan Besar Conservation Area is characterised by its numerous clan associations, eating houses, entertainment outlets, engineering workshops, hostels, places of worship and small offices. Over the years, it has transformed into a vibrant lifestyle that houses new and existing businesses including boutique hotels, F&B eateries and cafés/bars which are frequented by the locals and tourists.
Ms Mok said “As the property is zoned Commercial, it will not be subjected to Additional Buyer’s Stamp Duty (ABSD) or Seller’s Stamp Duty (SSD) and both foreigners and companies are eligible to purchase.”
Ms Mok added “The property is likely to draw strong interest from buyers such as property funds, family office and high net worth investors seeking for opportunities to acquire such beautifully restored prime shophouse within the city fringe area. A few doors away, 309 & 311 Jalan Besar, a pair of adjoining shophouses was recent transacted at $28 million in May 2022.
With the demand of co-working spaces expecting to rise, the property is ideal and potential for such use especially with the availability of many eateries and its excellent accessibility”
The Auction is scheduled on 31st August 2022, Wednesday at 2.30pm. Interested parties are invited to register their interest and attend the auction.