The three shophouses at 60, 62 and 64 Tanjong Pagar Road is on the market for $36 million (Photo: JLL Singapore)
In the Tanjong Pagar Conservation Area, three adjoining conservation shophouses at 60, 62 and 64 Tanjong Pagar Road have been put up for sale by expression of interest (EOI). Collectively, they occupy a land area of 3,335 sq ft and have an estimated floor area of 6,000 sq ft. The shophouses have a 99-year lease from 1988; hence, they have a remaining lease of 63 years.
The price tag of $36 million for the three shophouses translates to $6,000 psf based on floor area. Korean restaurant Sura has leased all three units. The double-storey shophouses' first floor has been turned into the main dining hall with private VIP rooms on the upper floor.
The three shophouses will be sold with the existing tenancy, says Terry Wong, JLL senior director of capital markets, the appointed marketing agent for the properties.
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Permanent F&B approval for restaurant use has been obtained for both the first and second storeys of the shophouse, "which is extremely rare and sought after", adds Wong. "The prominent frontage [of 17m] allows for naming and signage right possibilities."
The three shophouses have been zoned "commercial" under the URA Master Plan 2019. The shophouses are within the Tanjong Pagar Conservation Area in prime District 2 of the CBD. They are within walking distance of the Maxwell MRT Station (Thomson-East Coast Line) and the Tanjong Pagar MRT Station (East-West Line). According to Wong, street parking is available at the open-air carparks at Peck Seah Street and Duxton Hill.
Wong notes that the Tanjong Pagar Conservation Area rejuvenation is underway with the emergence of more high-rise commercial, mixed-use and residential towers in the CBD.
In the vicinity are Pinnacle@Duxton, Singapore's tallest public residential towers and the Guoco Tower integrated development, including the Guoco Tower office development, luxury residences Wallich Residence and Sofitel Singapore City Centre.
An upcoming mixed-use development nearby is TMW Maxwell (former Maxwell House), with 324 residential units and 11 commercial units. One Bernam is another upcoming residential development with 351 residential units, serviced apartments, retail and F&B.
Other new landmarks coming up in the area include the 63-storey Skywaters Residences, which, at 305m, will be the tallest tower in Singapore, the redevelopment of Fuji Xerox Towers into the new 47-storey Newport Residences and the new premium office tower, Keppel South Central (former Keppel Towers).
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The residential population in the CBD will increase significantly with the addition of 1,136 new residential units, says JLL's Wong. In the future, the Greater Southern Waterfront will see an additional 9,000 housing units spring up on the former Keppel Club site.
The shophouses' location within the Tanjong Pagar precinct and proximity to the Greater Southern Waterfront will ensure they benefit from the larger catchment and higher footfall in the future, says Wong.
Recent shophouse transactions in the area include a 99-year leasehold shophouse at 120 Tanjong Pagar Road that changed hands for $16.2 million last August, according to a caveat lodged. The four-storey, 99-year leasehold building with a floor area of 6,460 sq ft was extensively refurbished and modernised two years ago. Hence, the price was $2,508 psf based on floor area. The deal was brokered by Krystal Khor, director of Mondania Real Estate.
Nearby at 45 Tras Street, the double-storey, 99-year leasehold conservation shophouse on a 1,333 sq ft site was sold for $11.9 million. In February 2023, based on caveats.
A freehold three-storey shophouse located at 34 Keong Saik Road in District 2 was sold at $5,823 psf on the built-up area in August 2023. The shophouses at 18 Hongkong Street and 97 Amoy Street in District 1 were sold for $5,096 psf and $5,085 psf on total floor area, respectively, notes JLL.
The EOI exercise for the three shophouses on Tanjong Pagar Road will close on Feb 29.
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