8M Real Estate buys island block of 5 shophouses in Jalan Besar for S$40m
The 999-year leasehold property is connected via a covered walkway to an underground pedestrian link to the Jalan Besar MRT station
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Kalpana Rashiwala
SINGAPORE-BASED real estate investment company 8M Real Estate is buying an island block of 5 adjoining conserved shophouses along Jalan Besar, literally a stone’s throw from Jalan Besar MRT station, for S$40 million.
The 3-storey properties, located within the Little India Conservation Area, are on 6,584 square feet of land with 999-year leasehold tenure from October 1926. Standing at the corner of Jalan Besar and Veerasamy Road, the shophouses are fully leased to retail and office tenants.
The properties are being sold by Teo Siok Guan (Private) Limited, which is currently in liquidation (members’ voluntary winding up) based on information from data platform Handshakes. The company is named after the late Teo Siok Guan, who owned Guan Hoe Company (Malaya), once located along Hill Street. It was well-known as the sole agents for Suzuki Motorcycles in Singapore and Malaya in the 1960s, according to the Rojak Librarian blog. He died in May 1957.
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