Two conservation shophouses in Singapore’s 6 and 7 Perak Road have been listed for sale via tender at a guide price of $13 million, which works out to $2,425 psf on the total floor area of 5,360 sq ft. Occupying an approximate land area of 2,870 sq ft and with an 11.4m-wide frontage along Perak Road, the two-storey shophouses with mezzanine space have approval for a backpackers’ hostel.
Gracelynn Zhu from PropNex Shophouse Elites, which is marketing the properties, notes that given their excellent condition and strategic location in District 8 close to the Bugis area and surrounded by amenities, the properties enjoy strong rental demand. The current owner has received multiple offers from prospective tenants. However, the vendor is looking to sell the shophouses with vacant possession, which will enable the new owner to decide on the tenant profile.
Given the recovery of the tourism sector post-pandemic, Zhu believes the properties may be a great investment opportunity for hostel operators looking to accommodate incoming tourists and travellers. Moreover, with the possibility of a rental yield of over 3%, the properties could be ideal for investors seeking properties with strong rental and capital growth. As the shophouses are zoned for commercial use, no additional buyer’s stamp duty is applicable on the purchase.
The tender for the shophouses on Perak Road will close on May 8 at 3pm. In the same neighbourhood, 32 Hongkong Street and Club Street have recently seen commercial shophouses selling for $8.5 million and $25 million respectively. Meanwhile, a 999-year leasehold shophouse at Jalan Besar is on the market for $5.9 million.
Competitively priced at $13 million, the two shophouses on Perak Road present an attractive proposition to prospective buyers who may want to capitalise on the surging demand for convenient and accessible accommodation among tourists and investors alike.
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