In brief
CBRE is marketing 9 Norris Road, a three-storey freehold conservation building in Singapore’s Little India, through an Expression of Interest exercise closing on August 7, 2024, at 3 p.m. The guide price is S$16 million. The property has approximately 5,447 square feet of land and around 9,688 square feet of built-up space, and is zoned for Civic & Community Institution use under the URA Master Plan 2019. CBRE says potential uses, subject to approvals, include a childcare centre, museum, performing arts centre or filming studio. The building has been restored and modernised, with a passenger lift, courtyard, roof terrace and atrium. CBRE says the non-residential property is available with vacant possession and is eligible for foreign purchasers without Additional Buyer’s Stamp Duty or Seller’s Stamp Duty.
Key takeaways
- CBRE is offering 9 Norris Road for sale through an Expression of Interest process closing August 7, 2024.
- The guide price is S$16 million for a freehold conservation building in Little India, Singapore.
- The property has approximately 5,447 square feet of land and around 9,688 square feet of built-up area.
- Potential uses cited by CBRE include childcare, performing arts, museum and filming uses, subject to approvals.
Singapore, July 5, 2024 -- CBRE, as the exclusive marketing agent, is offering for sale 9 Norris Road, a charming conservation building located in the heart of Little India. The sale will be conducted via an Expression of Interest exercise which closes on Wednesday, 7 August 2024, at 3pm.
Sitting on a sizeable land area of approximately 5,447 square feet, the three-storey freehold asset has a total built-up area of around 9,688 square feet and stands out prominently with a 15-metre road frontage along Norris Road. Under the Urban Redevelopment Authority (URA) Master Plan 2019, it is zoned for “Civic & Community Institution” use and is situated within the Little India Historic District.
Newly-restored and modernised, the functional space features distinctive architectural elements including intricate interiors, abundant natural lighting, open front courtyard, roof terrace, and a majestic atrium at its core. All three floors of the building are also served by a newly-installed passenger lift. Examples of uses that can potentially be explored include association premise, childcare centre, workers’ dormitory, performing arts centre, museum, and filming studio, amongst others, subject to relevant authorities’ approvals.
The guide price is S$16 million, which translates to approximately S$1,652 per square foot on the total built-up area. Being a non-residential property, foreigners are eligible to purchase and there will not be any Additional Buyer’s Stamp Duty and Seller’s Stamp Duty applicable.
Mr Clemence Lee (利伟强), Executive Director of Capital Markets, Singapore at CBRE says, “9 Norris Road presents an extremely rare opportunity for interested parties to acquire a coveted freehold conservation asset of a palatable quantum in a highly sought-after location. Sold with vacant possession, the one-of-a-kind property will also greatly appeal to users seeking to create unique concepts that complements its charismatic features. Minimal capital expenditure will be required for the incoming purchaser going forward and any potential user of the space will be able to immediately fit it out to their required specifications.”
Recognised as one of the most vibrant and culturally rich areas in Singapore, Little India exemplifies the perfect convergence of tradition and modernity. Historically known for its rows of conservation shophouses offering a diverse range of retail, dining, and lifestyle experiences, the area has undergonevarious stages of rejuvenation over the years with the introduction of several mixed-use and commercial developments as well as new concepts, transforming it into a thriving, multifaceted destination today.
Mr Lee adds, “One of the most popular destinations in Singapore, Little India is frequently patronised by both locals and tourists alike. The introduction of several landmark developments in recent years such as Tekka Place, Connexion, Centrium Square, Farrer Square, and Uptown @ Farrer have added a new dimension to the locale, enhancing its overall attractiveness and appeal. Other upcoming projects including Piccadilly Grand and the redevelopment of the 10-hectare Farrer Park Field is set to inject more vibrancy into the area and the subject property is well-positioned to capitalise on this exciting transformation.”
9 Norris Road enjoys seamless connectivity to other parts of Singapore via both private and public transportation. It is within a 500-metre radius of four MRT stations including Little India, Rochor, Jalan Besar, and Farrer Park, and is also served by major roads and expressways including Serangoon Road, Central Expressway (CTE), and the future North-South Corridor (NSC). Its proximity to key areas and convenient access to a holistic range of amenities combine to position it as a desirable location for a diverse range of uses.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2023 revenue). The company has more than 130,000 employees (including Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
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Questions around this news
What are the sale details for 9 Norris Road?
The property is being offered through an Expression of Interest exercise, with submissions due by 3 p.m. on August 7, 2024. The stated guide price is S$16 million. The release describes the building as a three-storey freehold conservation property with approximately 9,688 square feet of built-up area, and says it will be sold with vacant possession.
What uses could be considered for 9 Norris Road?
The release lists possible uses such as an association premises, childcare centre, workers’ dormitory, performing arts centre, museum, or filming studio. These are examples for consideration, not confirmed permitted uses: any use would be subject to approval by the relevant authorities. The building is zoned “Civic & Community Institution” under the URA Master Plan 2019.
What does freehold mean in a property sale?
Freehold generally means ownership of the land and property is not limited to a fixed lease term. The precise rights and obligations depend on the jurisdiction and the property’s legal title. It contrasts with leasehold ownership, which grants rights for a specified period.
What is an Expression of Interest property sale?
An Expression of Interest process invites prospective purchasers to submit proposals by a stated deadline. It allows a seller to review interest and offers before deciding how to proceed; submitting an expression does not itself guarantee that a sale will be completed with any particular bidder.
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