The public is invited to bid on a freehold property at 255 Jalan Besar. Its guide price is $22,000,000. The three storey property has a floor area (GFA), which is approximately 7,750 sq.ft., and a site size of 3,145 sq.ft.
Accordingly, the GFA is approximately 1,685 sf.
The price of the shophouse will be $2,838/sq ft based off the GFA. Or $2,331/sq ft based off the maximum permissible floor area (9,435 sq. ft.).
Michael Tay, CBRE’s head of Singapore capital markets says, “Given these exceptional attributes such a freehold tenure with wide frontage and the potential for naming-and-signaling rights, we anticipate strong interest both from investors and owner occupants.”
Situated in Jalan Besar Secondary Conservation area the property has been zoned as commercial and is a 3.0 gross plot ratio under the Master Plan for 2019.
He also says that there has been a growing demand for the shophouses at the city’s fringe in the past year. Notable deals include the $38.5-million sale of 203 & 207 Jalan Besar in early May, and the $26-million sale of 301 Jalan Besar in earlier months.
Find out more: The Landmark Singapore
The deadline for 255 Jalan Besar’s tender is Nov 30, at 12pm.
Joshua Giam from CBRE’s associate director of Singapore capital markets highlights how the new owner is able to maximize the plot ratio if they build a rear addition or increase the size of the current floorplate.
The shophouse may be converted to F&B or clinics, co-living, serviced apartment, hostels, etc., with the permission of the authorities. Giam says: “These initiatives are designed to allow the new owners to maximise the capital value and rental return of their property.”