Pair of shophouses at 16, 18 Tanjong Pagar Road for sale at $15 mil
By Valerie Kor / EdgeProp Singapore | March 10, 2021 1:10 PM SGT
SINGAPORE (EDGEPROP) - A pair of two-storey shophouses at 16 and 18 Tanjong Pagar Road beside Jinrikisha Station have been put up for sale for $15 million, or $3,667 psf on gross floor area (GFA).
The pair of shophouses have a land area of 1,976 sq ft and an existing floor area of around 4,090 sq ft, including an outdoor refreshment area (ORA). An attic may also be added, subject to the approval of authorities.
Currently, the shophouses are fully leased to a bar, LUKA, and a Japanese skincare studio SONA. They face Trapeze Rec Club, a new 8,000 sq ft fitness and wellness club.
“The tenure of the shophouses is 99 years with effect from 2000, which means they are younger than the majority of the Tanjong Pagar Road shophouses that are 99-year leasehold commencing from between 1988 and 1994,” says Loyalle Chin, senior associate division director of PropNex Realty.
Chin also adds that it is rare to see full F&B approved shophouses with a young lease available in Tanjong Pagar, that features numerous bars, restaurants and lifestyle amenities. He believes the pair of shophouses will attract both local and international shophouse investors.
The properties are surrounded by office and hospitality developments, including the revamped Maxwell Reserve and upcoming mixed-use development at the former Chinatown Plaza. Additionally, they are within a seven-minute walk to Tanjong Pagar MRT Station and a two-minute walk to Maxwell MRT Station, which is opening at the end of 2021.
PropNex Realty is exclusively marketing the properties. The Expression of Interest exercise ends on May 6, 3pm.
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