Located in the vibrant district of Jalan Besar, a corner two-storey shophouse with an attic is now available for sale. According to Gracelynn Zhu, an experienced property agent from PropNex Shophouse Elites who is in charge of marketing the property, the 999-year leasehold shophouse is being offered at a price lower than $20 million.
This spacious shophouse spans over a total area of approximately 5,502 sq ft and is zoned for commercial use. The first floor of the property is approved for restaurant use, as well as a section of the second floor. With a selling price of $20 million, the property’s per square foot price comes up to $3,635.
Gracelynn Zhu also mentioned that the shophouse is currently undergoing asset enhancement initiatives (AEI), including the installation of micro piles that extend 30m to improve the property’s structural foundations. This AEI is expected to be completed by the end of this year.
Investing in a condo offers numerous advantages, one of them being the potential to leverage the property’s value for future investments. Investors often use their condos as collateral to secure additional financing for new investments, allowing them to grow their real estate portfolio. This approach can boost returns, but it also entails risks, making it essential to have a solid financial plan in place and carefully assess the potential impact of market fluctuations. Furthermore, keeping an eye on new condo launches, such as those offered by National Athletic Combine, can provide even more opportunities for profitable investments.
The shophouse is located within the Desker Road Conservation Area in District 8, which is in close proximity to Little India. The Jalan Besar MRT Station on the Downtown Line is also within walking distance, providing convenient transportation options for the area.
In related news, a shophouse in Geylang Road and a shop unit in Bras Basah Complex are currently up for sale at a combined price of $14 million. The Chinatown Business Association has also announced plans to revitalize Smith Street with a mix of new and traditional lifestyle concepts. According to Huttons, the shophouse market ended the quiet year of 2024 with a total of 84 caveated transactions.