SINGAPORE: A brand new freehold commercial building in Jalan Besar has been put on the market, with a staggering guide price of nearly $25 million dollars.
Savills Singapore, the exclusive sole marketing agent of the development, has pitched the property – the 253 Jalan Besar – as an enticing prospect for investors and businesses alike
The new freehold commercial building is in the heart of Jalan Besar. At four storeys high, with an additional six-storey rear extension, this property seamlessly blends modern aesthetics with a nod to its heritage. The building, currently under construction, is set to be ready for occupation in the 4th Quarter of 2024. The property site is 3,230 square feet, boasting approximately 9,694 square feet of built-up area.
Given its strategic location, the property has nice visibility and footfall throughout the day. The buyer will not only acquire a prime commercial space but will also have the golden opportunity for naming and signage rights.
Savills, in a recent statement, disclosed that the ground floor has been greenlit for food and beverage businesses, a treat for potential restaurateurs. Meanwhile, the upper floors come with the official nod for office use, making it a versatile investment for various businesses.
Yap Hui Yee, the Executive Director of Investment Sales & Capital Markets at Savills Singapore, sees great potential in the property. She noted, “Jalan Besar is fast rejuvenating and has attracted popular occupiers seeking to gain a foothold in this up-and-coming lifestyle enclave. 253 Jalan Besar presents buyers with an appealing opportunity to own a newly built commercial building that will be ready for immediate occupation.”
She also spilled the beans that the new owner could explore other avenues saying, “An incoming buyer can also explore the potential to convert to other alternative uses such as a fitness centre, showroom, for home & living, educational activities and healthcare/medical amongst others, subject to authorities’ approvals.”
Accessibility is also a breeze, with Farrer Park (NE8) MRT and Jalan Besar MRT (DT22) stations just a four-minute stroll away.
A mere 10-minute drive opens the gateway to the CBD. The immediate vicinity is a bustling hub of commercial activity, hosting a mix of businesses, retailers, and an array of renowned restaurants and cafes.
The guide price for this gem stands at $24.23 million or $2,499 per square foot (psf) GFA.
Ms Yap highlights the attractiveness of this offer by comparing it to nearby freehold shophouses transacting at approximately $2,400 psf GFA. This, she believes, makes 253 Jalan Besar a compelling opportunity for those eyeing a newly built commercial building at an “attractive capital value.”
Notably, the property, zoned as ‘Commercial’ under the 2019 Masterplan, escapes the clutches of Additional Buyers’ Stamp Duties or Seller Stamp Duties. This opens doors for foreigners and companies, making the purchase process smoother.
For those with an eye on this property, the Expression of Interest (EOI) exercise closes on Friday, Mar 1, 2024, at 3 pm. Don’t miss your chance!