23 Madras Street, Conservation Shophouse

A rare chance to own a full commercial conservation shophouse at a genuinely lower quantum. This 2-storey conservation shophouse sits on Madras Street in District 8, within the Little India and Rochor conservation area, close to Jalan Besar and Bugis.

The land is approximately 442 sqft with a built-up area of approximately 882 sqft (subject to the buyer's own final survey), held on a 99-year lease with roughly 66 years remaining. It is sold with an existing tenancy in place at $5,700 per month, so there is rental income from day one rather than a vacant unit to fill.

Being zoned full commercial rather than residential or mixed-use matters here. Foreigners are eligible to purchase, and there is no ABSD and no SSD payable, which widens the pool of buyers who can genuinely consider this. GST is applicable on the transaction.

The honest way to look at this one: the current gross yield works out to roughly 1.8% on the $5,700 monthly rental against the $3.8M asking price, so this is not a pure yield play. The real case for it is scarcity, the low quantum relative to other full commercial conservation shophouses, the zoning flexibility, and long-term ownership of a genuinely limited asset class in a well-located conservation district. A lease top-up may be explored down the line, subject to approval and payment of the applicable land betterment charge or premium, buyers should do their own due diligence with their solicitor and the relevant authorities on this before assuming it is possible.

Viewings and further details by private appointment only.