Three-storey shophouse in Tanjong Pagar going for $15 mil

A three-storey conservation shophouse in Tanjong Pagar is on the market for $15 million and being sold in an expression of interest (EOI) exercise. Located at 67 Tanjong Pagar Road, the commercial property sits on a 99-year plot of 1,722 sq ft, and the building has a built-up area of 4,477 sq ft. The asking price translates to $3,350 psf on the built-up area, says marketing agent JLL.

The commercial shophouse is approved for F&B use on the ground floor and for offices on the upper floors. The shophouse also comes with an attic. A Korean restaurant called Busan Korean BBQ occupies the ground floor. The property was renovated for $1 million in 4Q2017. Its interiors were refurbished and feature tall ceiling heights, a column-free regular layout, and modern finishes. New lighting and air-conditioning systems were also installed.

The subject shophouse (centre) has a $15 million asking price, or $3,550 psf on the built-up area. (Credit: JLL)

Opportunities to acquire a shophouse property along Tanjong Pagar Road are “extremely rare”, says Clemence Lee, senior director of Capital Markets at JLL. “67 Tanjong Pagar presents buyers a rare chance to acquire a brand new incoming-generating asset located in a prime locale.”

The property is about 300m to the Tanjong Pagar MRT Station on the East-West Line, as well as the upcoming Maxwell station which is expected to open in 2021. It is in the Tanjong Pagar area which is characterised by popular F&B, retail, and lifestyle offerings. Upcoming developments in the area include Tanjong Pagar Centre, the new Dispute Resolution Institution Complex at Maxwell Chambers, Frasers Tower and the redevelopment of CPF Building. Six Senses Maxwell, a luxury hotel, recently opened near the property.

“The new owner can expect to enjoy strong capital and rental upsides in the mid- to long term,” says Lee. He expects strong interest from family offices, high net-worth individuals, and boutique funds.

The EOI exercise closes on March 19.

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