A pair of two-storey with attic shophouses at 48 Peck Seah Street is on the market for $22.9 million. The properties will be sold in an expression of interest (EOI) exercise by Savills Singapore.

The commercial shophouses are located in Tanjong Pagar within the CBD. According to Savills, they were refurbished in 2015 and the interiors feature high ceilings and regular floor plates. Savills also states that the shophouses have been granted “rare” F&B approval and the ground floor is tenanted to a modern Middle Eastern restaurant.

The shophouses sit on a land area of approximately 2,813 sq ft and have a total floor area of approximately 6,562 sq ft. Thus, the guide price translates to $3,500 psf on the floor area.

Read also: Commercial shophouse at Serangoon Gardens on the market for $10.5 mil

“Ownership of shophouses along Peck Seah Street is tightly held and the shophouses are hardly on the market. This is an exceptional opportunity for buyers to own a distinctive trophy asset with excellent specifications in the gentrified Tanjong Pagar precinct,” says Yap Hui Yee, executive director, investment sales & capital markets, at Savills Singapore.

Nearby are Guoco Tower on Wallich Street, as well as Tanjong Pagar MRT Station on the East-West Line and the Maxwell MRT Station on the Thomson-East Coast Line. The shophouses also face an open-air carpark with ample parking spaces in the vicinity.

New developments in the area, such as TMW Maxwell on Tras Street and The Skywaters on Shenton Way, are contributing to a rejuvenation of the area, says Yap. She adds that 48 Peck Seah Street is “poised to ride the rejuvenation wave and the incoming buyer can expect capital appreciation and rental uplift”.

The EOI exercise closes on Feb 8.