Properties Sale May 27 29
A historic shophouse in the popular Tanjong Pagar conservation area has recently been listed for sale through an expression of interest (EOI) exercise, with a starting guide price of $10 million. The two-storey building at 50 Tanjong Pagar Road boasts a built-up area of approximately 2,200 square feet, translating to a guide price of $4,545 per square foot.
Strategically situated a mere one-minute walk away from Maxwell MRT Station on the Thomson-East Coast Line, this 99-year leasehold property appeals to potential buyers due to its prime location within a bustling and vibrant neighbourhood. Furthermore, the building rests on a land area of 1,100 square feet, with about 63 years remaining on the lease.
Recent records from the Urban Redevelopment Authority (URA) indicate that the shophouse was last sold in August 2020 for a sum of $4.5 million, which equates to a cost of $2,045 per square foot on the built-up area.
According to the latest caveats lodged with URA, the property is strictly for commercial use and is currently fully tenanted. The ground floor is occupied by the Korean restaurant Hankang Pocha, while the upper floor has been leased out to a retail business. PropNex ShophouseHuat’s director Loyalle Chin, who has been appointed as the sole agent for the sale, reveals that the shophouse is currently yielding a rental income of approximately 2.6%.
Foreigners and companies alike may purchase the property without the burden of additional buyer’s or seller’s stamp duty, as it meets the necessary criteria. In comparison with other recent shophouse transactions within the vicinity, a property at 24 Tanjong Pagar Road was sold on January 23 for $9.5 million, preceding the latest spate of transaction activity.
In February, the media reported that the wife of Alibaba founder Jack Ma, Zhang Ying, had acquired three adjoining shophouses at 70, 71, and 72 Duxton Road for a sum between $45 million and $50 million. These shophouses carry a total measured area of 10,700 square feet, which equates to a price tag of roughly between $4,200 and $4,600 per square foot. Unmistakably, the properties are zoned for commercial use and possess a leasehold tenure of 99 years, with a remaining balance of approximately 63.5 years.
The EOI for the Tanjong Pagar Road shophouse has been set to close on August 20 at 3 pm.
In other news, a retail establishment located within the mixed-use development, The 101 on Beach Road, has been put up for sale at a price of $7.62 million. The 1,539-square-foot unit carries a price tag of $4,951 per square foot and is zoned for commercial use. Its occupant, Chef China, has received official certification to operate a restaurant within the premises.
The 999-year leasehold property is located at the corner of Beach Road and Liang Seah Street, featuring dual frontage as it fronts both streets. As an added bonus, the property lies within convenient walking distance of Bugis MRT Station, a hub that connects both the East-West and Downtown Lines. Knight Frank Singapore senior manager of capital markets Tania Ong, who has been assigned to the sale, reveals that comparable ground-floor F&B units at Bugis Cube had been transacted at prices ranging from $4,760 to $4,890 per square foot back in 2018.
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The EOI for The 101 retail unit closes on July 23.