The newly refurnished four-storey shophouse at 120 Tanjong Pagar Road, which is the tallest along the row (Photo: Mondania)
SINGAPORE (EDGEPROP) - An intermediate shophouse at 120 Tanjong Pagar Road, in the Tanjong Pagar conservation area, is on the market for $20.8 million. The shophouse is newly refurbished and spans four floors. It has a built-up area of 6,460 sq ft, which means the asking price of $20.8 million works out to about $3,220 psf. The property is available for sale by private treaty.
The modern, four-storey shophouse stands out along the stretch of shophouses typically 21⁄2 storeys in height, says Krystal Khor, director of Mondania, the exclusive agent for the property. “The property has an 8.8m frontage, which is almost double the width of a typical shophouse,” she adds.
The property underwent extensive additions and alterations three years ago, including updating the mechanical and electrical systems. A temporary occupation permit was obtained in November 2022. While reimagining the interiors, the architect Carl Lim, principal of Czarl Architects, restored and conserved the exterior.
The owner has installed a new lift that serves every floor. An outdoor terrace on the second level of the shophouse overlooks the back lanes of the gentrified Duxton Road and Craig Road. The property sits on a 1,684 sq ft site, with a 99-year lease from 1988. Hence, it has 64 years left on its lease.
The property falls under the Outram Planning Area and was initially approved for restaurant use on the first floor and hotel use on the second to fourth floors. However, during Covid, the owner changed the use of the upper floors from hotel to office use.
All four levels are leased today, according to Khor. The ground-floor tenant is a Chinese hotpot restaurant; the second-floor tenant will be “a Singaporean celebrity couple with an avant-garde F&B concept”; the third-floor tenant is Club Pilates; and the fourth-floor tenant, Charge Gym.
“Based on the current rental income of the property, the potential buyer can expect a desirable gross yield of almost 3%,” says Khor.
The property at 120 Tanjong Pagar Road is near two MRT stations: a three-minute walk to the Tanjong Pagar MRT Station on the East-West Line and a five-minute walk to the Maxwell MRT Station on the Thomson-East Coast Line.
Nearby are towers such as Guoco Tower, an integrated development and tallest skyscraper in Singapore; Oasia Downtown; and Amara Hotel with the adjoining 100AM mall.
Upcoming developments in the CBD area of District 2 include Mondrian Singapore Duxton, a luxury hotel by Accor Group; new mixed-use developments such as TMW Maxwell Residences (redevelopment of the former Maxwell House) by Chip Eng Seng, SingHaiyi and Chuan Investment); Newport Residences (redevelopment of the former FujiXerox Towers) by City Developments; and Skywaters Residences at 8 Shenton Way (redevelopment of the former AXA Tower) by Alibaba and a consortium led by Perennial Holdings. At 305m, the 63-storey Skywaters Residences will be the tallest skyscraper in Singapore when completed.
In addition to these new commercial and residential mixed-use developments, the area will enjoy connectivity to the Rail Corridor, Tras Link Park and Central area cycling path network by the Urban Redevelopment Authority and Land Transport Authority. The neighbourhood will benefit from its proximity to the future Greater Southern Waterfront. (Find Singapore commercial properties with our commercial directory)
Check out the latest listings near Tanjong Pagar Road, Tanjong Pagar conservation area, Duxton Road, Craig Road, Guoco Tower, Newport Residences, Tanjong Pagar MRT Station, Maxwell MRT Station