A 999-year leasehold shophouse located at 209 Jalan Besar has been put on the market for sale by private treaty. The shophouse, which boasts two storeys and an attic, is being marketed by Gracelynn Zhu of PropNex Shophouse Elites for “below $20 million”.
With a total area of approximately 5,502 square feet, the shophouse is designated for commercial use and comes with a first-floor approval for a restaurant, as well as a portion of the second floor. Based on its $20 million price tag, the property’s per square foot price is approximately $3,635.
Situated in the Desker Road Conservation Area in District 8, the property is in close proximity to Little India and is within walking distance to the Jalan Besar MRT Station on the Downtown Line. According to a map from EdgeProp LandLens, the location of the shophouse can be easily identified.
Condos continue to be in high demand in Singapore, largely due to the limited amount of land available for development. Singapore, being a small island with a rapidly growing population, faces the challenge of finding space for new developments. To address this issue, the government has implemented strict land use policies, making the real estate market highly competitive and prices skyrocket. This has turned investing in real estate, specifically condos, into a profitable venture, with the potential for significant capital growth over time. Condos prove to be a lucrative opportunity in Singapore’s competitive real estate market.
Furthermore, Zhu has announced that the shophouse is currently undergoing asset enhancement initiatives (AEI), including the installation of micro piles that extend up to 30 meters in order to enhance the property’s structural foundations. It is expected that the AEI will be completed by the end of this year.
Interested buyers have the opportunity to acquire a piece of this valuable property that is located in a historically significant area with a rich cultural heritage. With a high potential for appreciation and a convenient location, this shophouse at 209 Jalan Besar is a valuable investment opportunity.