Three Adjoining Pre-War Conservation Shophouses Along Belilios Lane For Sale
CBRE announced on Aug 19 that it has been appointed as the exclusive marketing agent for three adjoining two-storey pre-war conservation shophouses located at 4, 6 and 8 Belilios Lane. The sale will be by way of Expression of Interest, which closes on 24 September 2020 at 3pm.
Sitting on a site area of approximately 2,203 square feet, the pre-war conservation shophouses enjoys high visibility with its 11 meters of unobstructed road frontage along Belilios Lane. The total built-up area of the three shophouses is approximately 4,015 square feet. Under the 2019 Master Plan, the site of the pre-war conservation shophouses is zoned “Commercial” under the Little India Historic District Conservation Area. The three-adjoining pre-war conservation shophouses is currently fully leased to various tenants, comprising beauty salons, jewellery shop and a pharmacy.
The guide price for the three adjoining pre-war conservation shophouses at Belilios Lane – to be sold collectively – is S$7.5 million.
As the pre-war conservation shophouses sits on a site zoned for “Commercial” use, foreigners are eligible to purchase the subject property. There is no Additional Buyer’s Stamp Duty (ABSD) or Seller’s Stamp Duty (SSD) imposed on the property transaction.
Mr Clemence Lee, Senior Director of Capital Markets, Singapore at CBRE says, “This is a rare opportunity for astute investors or owner-occupiers to acquire a row of three corner shophouses in the vibrant Little India district. The asset is located just across the street from the renowned House of Tan Teng Niah, a heritage landmark popular among both locals and tourists, which helps ensure regular footfalls to the area. The large public car park located just next to the subject property brings convenience to patrons who drive.”
Subject to approval from the relevant authorities, the successful buyer can explore various change-of-use options for the shophouses such as restaurants, fitness centers or medical clinics to unlock capital values and enjoy rental upside in the future.
Mr Lee adds, “The ongoing rejuvenation activities in Little India and Farrer Park, which see the completion of numerous commercial projects such as Tekka Place, Centrium Square and the upcoming LYF@Farrer, are expected to transform the vicinity into a dynamic and bustling city-fringe commercial cluster that offers an abundance of popular F&B and lifestyle attractions. The subject property will be in an advantageous position to benefit from the spillover of commercial activities, allowing the successful buyer to benefit from favorable rental and capital appreciation in the medium to long term.”
Earmarked by the Singapore Tourism Board as a bustling and historical district that illustrates the unique heritage of Singapore’s Indian culture, Little India is one of Singapore’s must-see tourist attractions and is home to a myriad of modern eateries, boutique hotels and art groups. The property is well-connected to other parts of Singapore via public and private transportation. Little India MRT Interchange is a short three-minute walk away and numerous bus services can be found along Serangoon Road which leads to other arterial roads and expressways such as the Central Expressway (CTE).
Little India is an ethnic district in Singapore. It is located east of the Singapore River – across from Chinatown, located west of the river – and north of Kampong Glam. Both areas are part of the urban planning area of Rochor. Little India is commonly known as Tekka in the Indian Singaporean community.
Serangoon Road is the main commercial thoroughfare in Little India. It intersects Rochor Canal Road and Bukit Timah Sungei Road. Along Serangoon Road is the Tekka Centre, the Tekka Mall, the Little India Arcade, Serangoon Plaza, and the Mustafa Centre (on a side-road). Farrer Park Fields is located in the district. Several Hindu temples, mosques, and other place of worship include Far Kor Sun Monkey God Temple, Foochow Methodist Church, Kampong Kapor Methodist Church which was completed in 1929, Sri Veeramakaliamman Temple, Angullia Mosque, Sri Vadapathira Kaliamman Temple, Jalan Mosque, and the Central Sikh Gurdwara.
he Abdul Gafoor Mosque, built in 1859 and named after a Tamil lawyer’s clerk, features Arabian- and Renaissance-style architecture. Its prayer hall, decorated with Moorish arch-work, displays a tableau featuring the history of the Islamic religion. The Sri Srinivasa Perumal Temple, along Serangoon Road, features a high gopuram (tower), and was built in 1855. The Sakya Muni Buddha Gaya Temple, along Race Course Road, was established by Thai monk Vuthisasara in 1927. Leong San See Temple is built in 1917 and is dedicated to Guanyin, Bodhisattva of Compassion.
The area is served by the following MRT stations: Little India, Farrer Park on the North East line, and Rochor and Jalan Besar on the Downtown line. Bus services 23, 64, 65, 66, 67, 131, 139, 147, 857 & NR6 pass through Little India via Serangoon Road.
Mr Paul Ho, Chief Mortgage Consultant at iCompareLoan, said “despite the uncertainties surrounding Covid-19 pandemic, the US presidential election in November and the international trade tensions, Singapore is still an attractive residential market for investors.”
Although the property market exuberance has been curbed to some extent with the property cooling measures introduced last year, Singapore as a property market investment destination still remains among the top – shoulder to shoulder with other cities in the world like London, New York, Shanghai and Sydney.
“We have to be mindful that there is a lot of excess capital fluidity here and at 1.9 – 2 percent, Singapore has one of the lowest interest rates for home loans in the region,” he added.
The three adjoining pre-war conservation shophouses will be especially attractive to investors because of its location and its freehold status, as investment properties of such nature are scarce in that area. The fact that there is also no ABSD or SSD imposed on the purchase of the property, adds to the attractiveness of the property.