Pair of pre-war conservation shophouses in Tanjong Pagar for sale at $39.8 mil

By EdgeProp Singapore / Brought to by Richard Tan | February 11, 2022 10:00 AM SGT
Photo: Albert Chua/The Edge Singapore
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A pair of conservation shophouses with an Art Deco facade along Tanjong Pagar Road is on the market for a total of $39.8 million.
The shophouses are located next to each other and have been amalgamated into one property. The shophouses are marketed solely by Richard Tan, senior group director at PropNex Realty.
Buyers looking to own the property will also be owning a piece of Singapore’s history should the offer go through.
Photo: Albert Chua/The Edge Singapore
According to Tan, the shophouses were built in the late 1920s, and were once owned by Syed Shaik bin Abdulrahman Alkaff of the renowned Alkaff family.
The Alkaffs are one of the most prominent Arab families in Singapore, and one of the wealthiest private landowners in Singapore in the early 20th century.
Well-maintained with flexible spaces
The amalgamated shophouses occupy a total land size of 3,010 sq ft with a total built-up area of approximately 10,700 sq ft.
They have undergone an extensive renovation just last year. The renovations include the extension of the outdoor deck on the upper floors, as well as the addition of a new lift that provides access to all floors. Several structural changes were also made to improve the efficiency of the layout.
An Italian restaurant occupies the ground floor of the property. (Photo: Albert Chua/The Edge Singapore)
Inside, the interiors showcase a mix of modern and traditional elements, with bespoke finishes artfully chosen to represent the traditional facets of a conserved shophouse.
The shophouses are zoned for commercial use under the Urban Redevelopment Authority (URA)’s Master Plan 2019. This means no additional buyer’s stamp duty or sellers’ stamp duty will apply to the purchase of the property.
The shophouses are approved for permanent food and beverage (F&B) use on the ground floor, and is currently being rented out to an Italian restaurant. The upper floors are currently leased to a café, as well as a yoga and wellness centre.
The upper floors are leased to a cafe, as well as a yoga and wellness centre. (Photo: Albert Chua/The Edge Singapore)
Due to its commercial nature, potential buyers will have the flexibility to eventually convert the property into offices, a hotel, serviced apartments, or other commercial uses, subject to approval from the relevant authorities.
The property is located near the Maxwell Food Centre, the Buddha Tooth Relic Temple & Museum, as well as Tanjong Pagar MRT Station on the East West Line and the upcoming Maxwell MRT Station on the Thomson-East Coast Line.
Photo: Albert Chua/The Edge Singapore
“Adjoining shophouses are very rare, as most units come individually. A pair of adjoining properties with lift access on both sides and on all floors are harder to come by,” says Tan.
As at our interview on Jan 28, Tan reveals that he has already received enquiries from interested buyers, both local and from overseas.
With this property, Tan is doing a for sale by expression of interest (EOI), which closes on March 15, at 3pm.
A flexible realtor with a wealth of knowledge on shophouses
PropNex’s Tan is an experienced realtor with 17 years in the industry, having entered it in 2005.
He also comes with a wealth of knowledge on the shophouse sector specifically, having worked in the sector since 2012.
“My clients usually come back to me as I am able to offer my thoughts on the upside potential of the property, add value, and give sound advice,” he says.
Making the right move
Tan made the switch to transacting shophouses only in 2012, after the Singapore government announced a round of cooling measures, which impacted the residential market at the time.
Tan and his team
Tan and his team, Richard Tan Commercial. (Photo: Albert Chua/The Edge Singapore)
Due to the changes introduced, Tan began to explore transacting commercial properties. He quickly carved out a niche for himself, targeting only those looking to invest in property.
“Investors are people I love to work with. I know exactly what they want and how to work with them. Likewise, they hear me, and are able to trust my decisions, predictions and recommendations for them,” he says.
“I really benefitted from being at the right time and the right place; I achieved personal records in terms of sales in 2013, 2016 and 2021. In fact, 2021 has been my best year ever,” he adds.
Learning on the job
During our interview, Tan demonstrated his wealth of knowledge for this particular property and shophouses in general.
That, however, wasn’t the case when he first began looking at transacting shophouses.
“When I decided that I was going to transact commercial properties and shophouses, I made the switch without any prior knowledge. I simply went in, started selling and learned on the job,” he says, attributing this to his personality of doing things first while mulling on them later.
Today, Tan’s efforts have clearly paid off.
Not only is he the chief trainer for commercial shophouses in PropNex, he has also crossed $800 million in total transaction value for shophouses in 2021. In 2021 itself, Tan closed over $100 million in value just for shophouse deals.
Including his transactions for residential properties, Tan reveals that he has crossed the $1 billion mark in terms of value in his career so far.
“Ten years ago, I had no idea that I would be able to share and transact so many shophouses with my clients. At the time, I just knew that I needed to change, with the residential sector slowing down,” he shares.
Richard Tan Commercial Team
Tan is also a generous mentor to his team of agents at Richard Tan Commercial Team.
Richard Tan Commercial
Photo: Albert Chua/The Edge Singapore
The team, which was established in 2018, comprises commercial agents who used to work on their own previously.
“Every agent who has joined the team has his or her individual strengths and an existing network of contacts. It’s a strong team,” declares Tan. “With our combined network, strengths and commercial knowledge on hotels as well as other commercial buildings, the team has more resources to close more deals and help our clients with their transactions in a more efficient manner.”
While agents who join his team will get to be guided by Tan himself, where they will learn more about the shophouse and commercial sector, Tan’s prospecting methods, the art of negotiating and other soft skills, on-the-job training, as well as constant support, Tan also uses his heart to guide his team.
He shares, “I am who I am and I’ve used my heart when it comes to dealing with my clients and guiding my team all these years. This is also advice I give to my team: to use their hearts and add value to their clients.”
His advice to aspiring agents? “Don’t just chase the money. You have to love what you do. The rest will fall into place naturally.”
For more information about the listing, please contact:
Contact Richard Tan Kah Peng l 91133380
Senior Associate Group District Director (R010769J)

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