A JALAN Besar conservation shophouse and a boutique commercial building at Miller Street have each been put up for sale at the respective guide prices of S$32 million and S$30 million, announced the properties' exclusive marketing agents on Thursday (Aug 11).
Comprising 3 adjoining 2-storey conservation shophouses with a 4-storey rear extension, 301 Jalan Besar is located within the Jalan Besar Conservation Area and is being offered for sale via auction by Singapore Realtors Inc (SRI).
It sits on a total land area of 3,798 square feet (sq ft) with total gross floor area (GFA) of 10,468 sq ft, which works out to a value of S$3,057 per sq ft (psf) based on the property's S$32 million guide price.
In its press statement, SRI highlighted the potential for future redevelopment of the property with its maximum allowable 6-storey building height.
SRI Auction managing partner Mok Sze Sze believes it is likely to draw strong interest from buyers such as property funds, family office and high net worth investors.
"A few doors away, 309 & 311 Jalan Besar (a pair of adjoining shophouses) was recently transacted at S$28 million in May 2022," she added.
Separately, Siakson Building at 3 Miller Street is being offered for sale via expression of interest (EOI) by CBRE at an indicative guide price of S$30 million, which translates to some S$3,971 per sq ft on the property's maximum gross floor area of about 7,554 sq ft.
Located at the junction of Victoria Street and Miller Street within the City Hall submarket, the 5-storey building has a remaining land tenure of about 804 years since its 999-year land tenure commenced in April 1827. Its total floor area spans 5,000 sq ft, and its land area is approximately 1,798 sq ft.
CBRE associate director of capital markets, Joshua Giam, noted unutilised GFA of about 2,554 sq ft which potential buyers could capitalise on through redevelopment or asset enhancement works. This may be done without incurring any development charge due to a high URA (Urban Redevelopment Authority) development baseline for the site, he said.
"We are confident that the property will garner strong interest from both astute investors and owner-occupiers. Considering the ongoing rejuvenation in the vicinity, the buyer can expect to enjoy rental and capital value upside in the near future," said Giam.
Both the sites for 301 Jalan Besar and 3 Miller Street have been zoned for "commercial" use with a plot ratio of 3.0 and 4.2, respectively.
The auction for 301 Jalan Besar will be held on Aug 31 at 2.30pm, while the EOI for 3 Miller Street will close at noon on Sep 8.