Two shophouses at Perak Road up for sale at $13 mil
Two-storey conservation shophouses in District 8 situated at 6 and 7 Perak Road have been listed with a guide price of $13 million which works out to $2,425 psf on the total floor area. These well-maintained shophouses have a built-up area of 5,360 sq ft and occupy a land area of approximately 2,870 sq ft. Approved to be used as a backpackers’ hostel, they have an 11.4m-wide frontage along Perak Road.
The properties are located in the Jalan Besar/Little India precinct, and are a three-minute walk to Rochor MRT Station. With strong rental demand, the current owner has received multiple offers from prospective tenants. The vendor is offering the shophouses with vacant possession, to enable the new owner to decide which tenant profile they desire for the property.
As the tourism sector is recovering strongly post-pandemic, the properties may be ideal for a hostel operator to take advantage of the renewed interest for accessible accommodation. Investors may be interested in the assets too, for their potential rental and capital growth. Zhu from PropNex Shophouse Elites, the marketing agent, estimates a gross rental yield of over 3%. As they are zoned for commercial use, no additional buyer’s stamp duty is payable.
The tender for the property Marina Gardens Condo will close on May 8 at 3pm. Investors and hostel operators keen on these shophouses should take note!