Shophouse on Norris Road for $6.8 million

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Read more: Geylang Road’s three shophouses are listed for $23 million

Geylang Road’s three shophouses are listed for $23 million

In the time that Singaporean investment firm Mr Lim first came across the 21/2-story shophouse located at 34 Norris Road last year, it was in dire need of a facelift. A small shop that sold necessities took up the lower level and rooms for rental were located on the higher levels. But Lim saw the potential.

” Norris Road is a quiet and peaceful street, with mostly residential homes on the upper floors, and a few restaurants on the lower levels of the shophouses” he adds. “It’s not as crowded as other areas that are in Little India and is adjacent to the Police station.”

Lim has decided to purchase the shophouse intermediate in the middle of town for $4.2 million by June 20, 2022. Lim also invested another $400,000 to make improvements. The property is classified to be used for business on the first floor, and residential uses on the mezzanine and second floors.

The first floor is now receiving the approval of F&B use. Lim is working to convert higher floors to living areas with three en-suite bedrooms, as well as a common kitchen on the second level as well on the mezzanine floor, two spacious en suite bedrooms with an attached pantry.

Specialists in preserving and restoration of storehouses Fivefootway Consultants designed the interiors of the shophouse. The work of renovation started in the last month and are expected to be finished by the beginning of May.

The shophouse is an 999-year lease that began in 1909, which was the year that the property was built. The area of the shophouse is 989 square feet, and a total build-up area of 2,320 square feet.

Lim believes that the F&B unit is rented for $8,000 per month, and the two floors could be available for rent at $14,000. The monthly rent is estimated to be $22,000. The seller says that the new purchaser can expect a gross rental rate of 4%.

Despite the fact that renovations are ongoing, Lim has decided to put the property up for sale at $6.8 million, or $2,931 per square foot according to its built-up space. Simon Monteiro, senior associate vice-president of List Sotheby’s International Realty, is the sole agent for marketing for the property that is up to purchase by private agreement.

“Over the last couple of weeks, we’ve seen a lot of demand from families offices as well as investors who are interested in acquiring co-living facilities with restaurants on the ground floor,” says Monteiro. “They recognize the potential of the rents that are high and the capital appreciation over the long term.”