Completely RewrittenThe two-storey shophouses with mezzanine space, located at 6 and 7 Perak Road, are being offered for sale via tender with a guide price of $13 million. This works out to a staggering $2,425 per square foot, based on the total floor area of 5,360 square feet. Furthermore, the properities occupy a land area of 2,870 square feet and have an 11.4 meter wide frontage along Perak Road.
Situated in Jalan Besar/Little India, the properties are a mere three minute walk from Rochor MRT Station. Notably, the buildings are well-maintained and in such a condition that minimal refurbishments are required.
Gracelynn Zhu of PropNex Shophouse Elites, which is marketing the property, believes the asset enjoys strong rental demand due to its strategic location in District 8 with its various amenities, as well as its proximity to the Bugis area. In fact, the current owner has been receiving multiple offers from prospective tenants. The vendor is looking to sell the shophouses with vacant possession, allowing the new owner to determine the tenant profile they desire.
J’den Condo, a 40-storey residential and commercial development, is set J’Den Condo to replace the former JCUBE in Jurong East, with a launch in the second half of 2023. It is expected to be connected to the Jurong East MRT and other amenities within the Jurong Lake District.
With the tourism sector showing signs of a strong recovery following the pandemic, the properties may be an ideal option for hostel operators aiming to capitalize on renewed interest in accessible accommodation among travellers.
The shophouses may also be of interest to investors seeking assets with potential for strong rental and capital growth. Zhu estimates that the shophouses could potentially provide a gross rental yield of over 3%. Further, their zoning for commercial use means no additional buyer stamp duty is payable on purchase.
The tender for the properties on Perak Road will close on May 8 at 3pm. Don’t miss this great opportunity to gain an asset with potential for high rental and capital growth!
