The properties at 6 and 7 Perak Road have been put up for sale via tender with a guide price of $13 million. At $2,425 psf on the total floor area, this pair of conservation shophouses is a great investment opportunity for investors looking for assets that offer strong rental and capital growth. Both two-storey buildings with mezzanine space have a built-up area of 5,360 sq ft and occupy a land area of roughly 2,870 sq ft, boasting an 11.4m-wide frontage along Perak Road.
The properties are situated in the Jalan Besar/Little India precinct, just a three minute walk from Rochor MRT Station. On top of that, they are well-maintained and only require minimal refurbishment. This makes them attractive for rental purposes, with their prime location surrounded by amenities close to the Bugis area. The current owner is receiving “multiple offers” from prospective tenants.
Given the recovery of the tourism sector post-pandemic, the properties may be just what hostel operators are looking for – convenient and accessible accommodation that can cater to the influx of tourist and travellers. The vendor is selling the properties with vacant possession, enabling the new owner to fill the units with the tenant profile they desire.
What better incentive to purchase these properties than knowing no additional buyer’s stamp duty is payable. Additionally, the future owner could potentially get a gross rental yield of over 3%.
With the tender closing on May 8 at 3pm, this is an opportunity that shouldn’t be missed. Gracelynn Zhu of PropNex Shophouse Elites, which is marketing the property, is expecting interest from investors and hostel operators alike.