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Six adjoining three-storey units in the Little India conservation area have been released in the market through an Expression of Interest (EOI), with an asking price of between S$24 million and S$25 million.
In a report by The Business Times, it was stated that the price tag for the units reflects a price of at least S$2,949 psf with land area of approximately 8,138 sq ft, or approximately S$1,297 psf for a total floor area of 18,500 sq ft.
Situated at Syed Alwi Road, the shophouses sit on three freehold land plots with a combined area of 8,138 sq ft.
According to Mary Sai, Executive Director, Commercial Resale at Knight Frank, such sites are rarely put up in the market nowadays, as they are “collectable assets reflecting Singapore’s history and built heritage.”
“With diversion of investors’ interest to the commercial sector after the government’s cooling measures imposed on residential properties, these shophouses will attract investors who may want to park their funds in non-residential properties and also those in the hospitality business who are keen to convert them into a backpackers’ hostel or boutique hotel,” she added.
The report said that the EOI for the site will close on 19 January 2012.
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