Three adjoining shophouses in Little India for sale at $11m
The properties, with individual land titles, sit on a combined land area of about 3,870 sqft.
Three contiguous part two-storey with mezzanine conservation corner shophouses at 27, 29, 31 Dalhousie Lane have been put up for sale with a $11m price tag, an announcement by marketing agent Cushman & Wakefield revealed.
The indicative price works out to be about $1,415 psf on total floor area. The shophouses are situated at the intersection of Dalhousie Lane and Madras Street, within the heritage district of “Little India Conservation Area” and zoned “Commercial” under the Master Plan 2014.
The properties, with individual land titles, sit on a combined land area of about 3,870 sqft and has an estimated total floor area of about 7,771 sqft. All three units are approved permanently for ‘restaurant’ use on the 1st floor and office use on the upper floors.
According to Shaun Poh, executive director of capital markets at Cushman & Wakefield, the shophouses will likely appeal to discerning investors seeking to reap the potential gains from rental upside and capital appreciation upon the completion of Tekka Place and future projects such as the Golden Wall Centre site and possibly the Sim Lim Square redevelopment upon its successful en-bloc sale.
Subject to authorities’ approval, other possible uses for the shophouses include backpacker’s hostel, fitness centre, retail shops, enrichment schools or co-working space.
Foreigners are eligible to purchase the property and Additional Buyer’s Stamp Duty (ABSD) is not applicable.
The properties will be sold with existing tenancies and the sale is conducted via an expression of interest (EOI) exercise which closes on 23 July at 3 p.m.