Historic Prinsep Street Shophouses Rare Side Courtyard Sale 26 Mil

The eagerly awaited Tampines North MRT Station, a key component of the forthcoming Cross Island Line (CRL), is poised to transform transportation in the vicinity. With direct connections to major hubs including the bustling CBD, vibrant Jurong Lake District, and bustling Changi Airport, this new station will bring immense convenience to commuters. Alongside this, the enhanced bus networks and cycling paths in Tampines and its neighboring areas will provide a seamless and environmentally-friendly mode of transportation. Furthermore, the highly sought-after Parktown Residence Showflat is strategically situated within this dynamic and accessible transportation network, adding even more appeal to the area. You can even find out more about the Parktown Residence Showflat here.

SINGAPORE (EdgeProp) – Situated at one end of Prinsep Street is a roundabout in the shape of a teardrop, with a single tree standing at its centre. Nestled beside this roundabout are two adjacent conservation shophouses – 64 and 66 Prinsep Street – which are separated only by a rare side courtyard that runs the full length of No. 64.Says Arjan Chotrani, founder and director of Kuvera Properties, which owns the properties: “The side courtyard is a unique feature for a shophouse and offers bragging rights for the owner.”The courtyard, which used to be an open street for cars and bikes, has been sealed off for years due to frequent accidents. When Arjan purchased the two properties in February 2007 – for a total of $4 million, according to a lodged caveat – the road closure was already long completed.Read more: Prinsep Street shophouse and strata commercial space at Kitchener Road put up for saleThe teardrop-shaped roundabout at one end of Prinsep Street has Selegie Arts Centre at one side, while the other end is lined with shophouses.Tenants with long-standing presence and youthful energyThe ground floor of 66 Prinsep Street is tenanted by Rex Mackenzie – a halal Chinese chicken rice restaurant that has been around since 1966. The restaurant was first opened as Rex Restaurant and Milk Bar on Mackenzie Road, which is located opposite the Rex Cinema. It later moved to Prinsep Street in 1986 and its second-generation owner, Roldy Koh, added “Mackenzie” to the name to remind patrons of its origins.Mentioning the original Rex Cinema, which was built in 1946 and quickly became an iconic landmark in the area, Arjan recalls: “The cinema used to screen Hindi films, and my parents were big fans. I remember growing up in the 1960s and being dragged along to watch those films with them.”Today, Rex Mackenzie remains a popular spot for both locals and tourists, and is especially busy on weekends. “You’ll see Rolls-Royces parked outside,” says Arjan. “It is a favourite among visitors from Indonesia, Malaysia, Thailand, and all over Asia. Although it may seem like an ordinary kampong-style shophouse, you will spot royalty dining there, just like everyone else.”Next to Rex Mackenzie lies SJ Dermacare, a beauty and wellness spa that is located on the first floor of 66 Prinsep Street.Across the road at 64 Prinsep Street, the atmosphere is youthful and vibrant. The first floor is home to Chix Hot Chicken – a Nashville-style fried chicken concept founded by singer-turned-entrepreneur Taufik Batisah and his partners Bober Ismail and Zad. The restaurant opened its doors in February this year and features neon lights, pop art, and upbeat music. The café also has an alfresco dining area, with glass doors that open up to the side garden. The walls adjoining the courtyard have been removed to create a spacious interior that can accommodate up to 100 diners. The coffee counter, operated by Penny University, is another added feature.Before Chix Hot Chicken, the space was occupied by a hotpot restaurant, and the building is known to have housed a variety of tenants between the two-storey shophouse. Although the shophouse has undergone various transformations, it continues to capture the attention of different businesses that are eager to be located in the Prinsep Street area.The teardrop-shaped roundabout signals the end of Prinsep StreetThe courtyard at 64 Prinsep StreetNow, the second floor of 64 Prinsep Street has been transformed into Bunnyside Basement – an arcade for avid rhythm-game enthusiasts. Runze Zhang, a full-time NUS student, purchased the machines from Japan. The machines, such as Sega’s MaiMai DX and Gitadora series by Konami, cater to working adults and are available from the afternoon until midnight on weekdays, with extended hours until 1am on weekends.The neighbourhood boasts a lively arts and culture precinct, which draws students and professionals alike. The strategic location of the shophouses, which are surrounded by tertiary institutions such as Singapore Management University, LaSalle College of the Arts, Nanyang Academy of Fine Arts, School of the Arts, and the University of the Arts Singapore, has contributed to the vibrancy of the area. Besides education, the area is also an arts hub. Situated next to the shophouses is The Foundry – a former Elections Department building that houses 14 non-profit organisations and social enterprises. The former Catholic High School campus, which was built in 1935, is currently being converted into an arts centre.Directly across the street stands Selegie Arts Centre – an Art Deco building with colourful windows, shaped like a wedge. The building, which has been restored by the National Arts Council, currently houses the Photographic Society of Singapore and the Loke Wan Tho Gallery – named after the late Shaw Brothers founder who had donated part of his collection of Chinese art to the National Art Gallery.Further redevelopment in the areaThe community’s renewal efforts continue nearby. An area to keep an eye on is the former Peace Centre and Peace Mansion, which are being demolished to make way for the mixed-use project One Sophia, and The Collective at One Sophia. The developments will feature 122 strata office units, as well as 127 strata retail units across a 13-storey commercial block at One Sophia, and 367 apartments across two residential blocks at The Collective at One Sophia. A new 502-room hotel is also scheduled to be built on the former Min Yuan Apartments site, while new hotels such as Hotel Mi Rochor have also been added to the neighbourhood.Read more: Co-working operator Found carves out a nicheInvestment opportunityAfter holding onto the Prinsep Street shophouses for more than 18 years, Kuvera Properties’ Arjan has decided to divest the properties in order to invest elsewhere. The shophouses have been put up for sale as a collective asset by expression of interest (EOI) through Jeffrey Sim, advisory group division director at ERA Realty Network. The EOI will close on Oct 22.The retail units on the ground floor of both properties are currently used for food and beverage operations. Together, the shophouses sit on a freehold land area of 5,942 sq ft and have a built-up area of 8,842 sq ft. The properties have a 99-year leasehold, which commenced in November 1995, and have a remaining lease of 69 years.According to caveats lodged, the most recent transaction in the area was for a 2-storey shophouse at 52A Prinsep Place, which has a strata area of 2,393 sq ft. The 99-year leasehold strata shophouse unit changed hands for $4.12 million in November 2014.The indicative price for the two shophouses at 64 and 66 Prinsep Street starts at $26 million, or $2,941 psf based on the built-up area. Both shophouses will be sold with tenancies in place, which will run until October 2027.“Most of the shophouses in this area are tightly held,” says ERA’s Sim. He anticipates strong interest in the properties, especially from foreign buyers, as commercial shophouses are not subject to additional buyer’s stamp duty.