2 Tanjong Pagar shophouses up for sale

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Two shophouses in Tanjong Pagar are up for sale via an expression of interest exercise with a guide price of $15 million.

The shophouses span a land area of 1,976 sq ft and a gross floor area (GFA) of about 4,090 sq ft, including an outdoor refreshment area.

It may be possible to increase the GFA by adding an attic, according to marketing agent PropNex Realty yesterday.

Both storeys of the shophouses at 16 and 18 Tanjong Pagar Road are fully leased to an Italian-Japanese restaurant. Also, a part of the second storey is rented to a Japanese skincare studio.

The properties are zoned full commercial, so foreigners can buy without incurring the additional buyer’s stamp duty or seller’s stamp duty.

Their tenure is 99 years with effect from 2000. PropNex noted that most Tanjong Pagar shophouses have leaseholds commencing between 1988 and 1994.

PropNex associate division director Loyalle Chin said she considers the sale an “attractive investment play to international and local shophouse investors”.

The properties are a two-minute walk to the upcoming Maxwell MRT station, due to open at the end of this year, and are next to Jinrikisha Station, a historical building owned by Hong Kong star Jackie Chan at the junction of Tanjong Pagar and Maxwell roads.

Other new office and hospitality developments nearby include Maxwell Chambers Suites, the revamped Maxwell Reserve, as well as the upcoming mixed-use development at the former Chinatown Plaza site.

The expression of interest for the shophouses closes at 3pm on May 6.

source: The Straits Times

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