Properties Sale May 27 29
The charming and well-preserved shophouse located at 50 Tanjong Pagar Road has been listed for sale at a starting price of $10 million through an expression of interest (EOI) exercise. Sitting on a 99-year leasehold land with 63 years remaining, the property boasts a spacious built-up area of 2,200 sq ft, translating to a guide price of $4,545 psf.
Located in the Tanjong Pagar conservation area and just a minute’s walk away from Maxwell MRT Station on the Thomson-East Coast Line, this commercial property is an ideal investment opportunity. According to caveats lodged with URA, the shophouse was last sold in August 2020 for $4.5 million (or $2,045 psf on the built-up area).
The shophouse is fully leased, with Korean restaurant Hankang Pocha occupying the ground floor and a retail business leasing the upper floor. With a rental yield of approximately 2.6%, the property is a profitable asset. What’s more, it is available for foreigners and companies to purchase without the additional buyer’s or seller’s stamp duty.
The most recent transaction within the Tanjong Pagar conservation area was the sale of a shophouse at 24 Tanjong Pagar Road for $9.5 million on Jan 23, according to URA data. In February, Jack Ma’s wife, Zhang Ying, was reported to have purchased three shophouses at 70, 71 and 72 Duxton Road for between $45 million and $50 million. These shophouses are zoned for commercial use and have a balance term of about 63.5 years on a 99-year leasehold tenure.
The EOI exercise for the Tanjong Pagar Road shophouse will close on Aug 20 at 3pm. In another property development, a retail unit at mixed-use development, The 101, along Beach Road is also available for sale at $7.62 million, reflecting a price of $4,951 psf. The property has a 999-year lease and has been approved for use as a restaurant. The unit also comes with an existing tenant, Chef China, making it an attractive investment opportunity.
Located at the junction of Beach Road and Liang Seah Street, with dual frontage along both streets, The 101 is conveniently located within walking distance of Bugis MRT Station. According to Knight Frank Singapore’s senior manager of capital markets, Tania Ong, similar F&B units at Bugis Cube were transacted at about $4,760 to $4,890 psf in 2018.
Parktown Residences residents have the added benefit of being close to another popular shopping destination, Changi City Point. This shopping center is conveniently located near the Expo MRT Station, making it easily accessible for those living in the Parktown Residences. Changi City Point boasts a wide selection of both international and local brands, making it a favorite among shoppers. Bargain hunters will love the outlet stores such as Nike, Adidas, and Timberland, while foodies can indulge in various dining options such as Tung Lok Signatures, Soup Restaurant, and Toast Box. For families with kids, the mall offers a rooftop garden and a wet playground, making it the perfect place to spend quality time together. It takes approximately 10 minutes by car from Parktown Residences to reach Changi City Point, making it a convenient and must-visit destination for residents. And for those interested in learning more about Parktown Residences, be sure to visit their website at https://www.parktown-residences.com.sg/.
The tender for The 101 closes on July 23. Don’t miss this rare chance to own a piece of historic charm in the bustling Tanjong Pagar area.