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A sought-after commercial site measuring 25,865 sq ft that is adjacent to Little India MRT station has been launched for sale via tender, revealed marketing agent JLL on Tuesday (26 Feb).
Located in the heart of the Little India Conservation Area directly opposite Tekka Market, the land parcel is mainly zoned for commercial use, with a portion to remain as open space.
The site contains four buildings which have an overall gross floor area (GFA) of 16,800 sq ft, with the total lettable space nearly fully occupied.
These buildings include a one-storey shop facing Buffalo Road, a pair of adjoining two-storey conservations shophouses at 41/43 Kerbau Road and a one-storey retail building with 14 shops at 672 Chander Road that also has two roofed eating areas and an open courtyard.
The last building is an eight-room villa that is one of the attractions listed in the National Heritage Board’s Little India Heritage Trail. Built in 1900, the mansion is the former home of Tan Teng Niah (pictured), a prominent businessman in the past who owned a rubber smoke-house at Kerbau Road and several candy factories in Serangoon Road.
Restored and conserved in the 1980s, Tan Teng Niah’s former home features Southern Chinese and European architectural influences. It is also believed to be the last remaining Chinese villa in the area, and serves as an important reminder of a time when Chinese businesses harmoniously co-existed and thrived along the Indian-dominated cattle trading for which Little India was previously known for.
“To our knowledge, this could well be one of the largest plots of privately-held commercial land located in the vicinity of Little India MRT station. An opportunity to acquire an asset of this unique nature is rare to come by. It is more than a conserved building, it is a focal point and a piece of history,” said JLL’s senior consultant Karamjit Singh.
“As the shop lots and buildings are not strata-titled, the entire portfolio is to be sold in its entirety. We understand that the asset was valued at $70.6 million late last year,” he noted.
The tender exercise for the Little India site will close on 2 April. As it is a commercial plot, the buyer doesn’t need to pay an Additional Buyer’s Stamp Duty (ABSD).
Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email romesh@propertyguru.com.sg
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