Asking for S$1,600 Per Square Foot on Total Floor Area, Mr Clemence Lee (利伟强), Senior Director, Capital Markets, Singapore at CBRE has been appointed as the exclusive marketing agent for a freehold three-storey conservation shophouse for sale located at 44 Upper Weld Road. 

The sale will be conducted via Expression of Interest, which closes on 21 October 2021 at 3pm.

Sitting on a freehold land plot of approximately 1,020 square feet, the shophouse has a total floor area of approximately 3,000 square feet and enjoys excellent visibility along Upper Weld Road. It is currently fully tenanted and hence, will be able to provide the successful buyer with immediate stable rental income.

Under the 2019 Master Plan, the site is zoned “Commercial” under the Little India Historic District Conservation Area. Foreigners are also eligible to purchase and there will be no Additional Buyer’s Stamp Duty (ABSD) or Seller’s Stamp Duty (SSD) imposed on the property transaction.

The indicative guide price for 44 Upper Weld Road is S$4.8 million, which works out to about S$1,600 per square foot on the total floor area.

Mr Clemence Lee (利伟强), Senior Director, Capital Markets, Singapore at CBRE says, “The site’s excellent attributes, such as its freehold tenure and a prime city fringe location, are plus points and we’re confident that it will appeal to a wide pool of buyers including investors and owner-occupiers.”

Subject to approval from the relevant authorities, the successful buyer can explore various change-of-use options for the shophouses, such as restaurants, fitness centres or medical clinics, to unlock capital values and enjoy rental upside in the future. The buyer will also have naming and signage rights to the property.”

Rejuvenation activities continue to ramp up in the Little India and Farrer Park enclave and there were newly completed projects such as Tekka Place and Centrium Square that have value added to the neighbourhood’s dynamism. Upcoming new developments include LYF @ Farrer and the mixed-use development at the recently transacted Northumberland GLS site will further boost the vibrancy in the near future.

Mr Lee continues, “In recent years, we have also observed an increase in the number of new restaurants, cafes and bars mushrooming across the Little India Conservation Area, which has been historically known for Indian cuisines. Not only do these new F&B additions refresh the variety of food options in the Area broadening its catchment, they also indicate keen interest and confidence by investors and owner occupiers alike in this historic district.”

“As border restrictions gradually ease and Singapore is expected to experience recovery in the tourism and hospitality sector in the near future, the property will be in an advantageous position to benefit from the spillover of commercial activities in Little India, which has been earmarked by Singapore Tourism Board as the one of Singapore’s must-see tourist destinations. This will then also translate into strong rental and capital appreciation in the medium to long term for the buyer,” adds Mr Lee.

44 Upper Weld Road is well-connected to other parts of Singapore via public and private transportation. Jalan Besar MRT Station is a short three-minute walk away and numerous bus services can be found along Jalan Besar and Serangoon Road, which lead to other arterial roads and expressways such as the Central Expressway. 

To request a copy of the Information Memorandum please contact the marketing agent via the contact details below.