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Six shophouses for sale at $58 mil

By Michael Lim

/ The Edge Property |

April 19, 2017 4:00 PM SGT

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A row of six contiguous shophouses on Peck Seah Street has been put up for sale by expression of interest at an indicative price of $57.8 million. According to JLL, which is marketing the property, the guide price for the units — 48 to 56 Peck Seah Street — works out to $2,900 psf on the existing gross floor area of 19,938 sq ft.

The shophouses, which are owned by a private equity fund, have a 33m-wide main road frontage and are near the Tanjong Pagar MRT station. JLL notes that the property was refurbished at a cost of $2 million in September 2015. The shophouses sit on three separate land lots and have a combined land area of 8,213 sq ft. Under the Master Plan 2014, the site was zoned “Commercial” within the Chinatown (Tanjong Pagar) Historic District Conservation Area.

The shophouses are being offered for sale with existing tenancies. The tenants are kitchen and bathware manufacturer Kohler, and Middle Eastern restaurant Fat Prince. The expression of interest exercise will close on May 23.

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