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Tanjong Pagar shophouse launched for sale at indicative price of $15 million

by • February 11, 2019 • Buying a property, Commercial Property LoanComments (0)400

JLL announced today that it has launched a newly restored Tanjong Pagar shophouse for sale. The 3-storey shophouse with attic is situated at 67 Tanjong Pagar Road.

Located along the bustling Tanjong Pagar Road, the Tanjong Pagar shophouse commands an excellent frontage with high visibility.

The property occupies a land area of 1,722 sf and has an estimated built-up of 4,477 sf. Under the 2014 Master Plan, the land is zoned “Commercial” and is located within the Tanjong Pagar Conservation Area. The Tanjong Pagar shophouse has been fully-leased and is currently approved for F&B use on the ground floor and offices on the upper floors. The ground floor is currently occupied by a popular Korean restaurant, Busan Korean BBQ.

Having recently undergone an approximately $1 million asset refurbishment project, the Tanjong Pagar shophouse has been completely transformed with newly refurbished building interior and the installation of brand new M&E, lighting and air-conditioning systems. The tastefully-designed interiors feature generous ceiling heights, column free layouts, regular spaces and trendy modern finishes, while retaining the charm of an old shophouse.

With its excellent location, 67 Tanjong Pagar Road is in close proximity to Tanjong Pagar MRT station (300 metres) and the upcoming Maxwell MRT station (290 metres), which is slated to open in 2021.

Once a humble fishing village, Tanjong Pagar is now one of Singapore’s trendiest locales, characterised by its myriad of popular F&B, exclusive retail and dynamic lifestyle offerings. Hailed as a food haven, Tanjong Pagar is home to several highly acclaimed F&B concepts including four Michelin Star Restaurants and 11 Michelin Bib Gourmand recommended eateries. Michelin Star restaurants in the area include Meta, Rhubarb, Ma Cuisine and Burnt Ends.

Tanjong Pagar shophouseAs part of URA’s urban renewal efforts, Tanjong Pagar is presently undergoing a substantial rejuvenation. There are several new and upcoming developments in the area including Tanjong Pagar Centre, the new Dispute Resolution Institution Complex at Maxwell Chambers, Frasers Tower and the redevelopment of CPF Building. Just down the street from the property, Six Senses Maxwell, a luxurious boutique hotel run by 5-star international hotel operator Six Senses, has just opened its doors to guests.

Mr Clemence Lee, Senior Director, Capital Markets, JLL said: “Opportunities to acquire a shophouse along the iconic Tanjong Pagar Road are extremely rare. 67 Tanjong Pagar presents buyers a rare chance to acquire a brand new incoming-generating asset located in a prime locale.

“The new developments in the area have further cemented Tanjong Pagar as a vibrant lifestyle, F&B and entertainment destination. With the gradual transformation of the area, the incoming owner can expect to enjoy strong capital and rental upsides in the mid-to-long-term. We expect  strong interest from family offices and high net-worth individuals, as well as boutique funds who are looking to stake a claim in this prime destination.”

The indicative guide price for the Tanjong Pagar shophouse is $15 million, which reflects about $3,350 psf on the estimated built-up area.

As the Tanjong Pagar shophouse sits on land zoned for commercial use, foreigners are eligible to purchase the property. There is also no Additional Buyer’s Stamp Duty (ABSD) or Seller’s Stamp Duty (SSD) imposed on the purchase of the property.

The Expression of Interest exercise closes on Tuesday, 19th March 2019 at 3pm.

Mr Paul Ho, Chief Mortgage Consultant at iCompareLoan, said that despite the property curbs introduced by the Government last year, Singapore is still an attractive residential market for investors.

Although the property market exuberance has been curbed to some extent with the property cooling measures introduced last year, Singapore as a property market investment destination still remains among the top – shoulder to shoulder with other cities in the world like London, New York, Shanghai and Sydney.

“We have to be mindful that there is a lot of excess capital fluidity here and at 1.9 – 2 percent, Singapore has one of the lowest interest rates for home loans in the region,” he added.

The Tanjong Pagar shophouse will be especially attractive to investors because of its location, as investment properties of such nature are scarce in that area.

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