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Properties for sale for May 27-29

By Nicholas Lam

/ EdgeProp Singapore |

May 29, 2024 6:04 PM SGT

The 99-year leasehold property is located within the Tanjong Pagar conservation area and is a one-minute walk away from Maxwell MRT Station. (Photo: PropNex ShophouseHuat)

Conserved Tanjong Pagar shophouse on the market for $10 mil

A two-storey conserved shophouse at 50 Tanjong Pagar Road has been put up for sale via an expression of interest (EOI) exercise with a guide price starting from $10 million. The shophouse has a built-up area of about 2,200 sq ft, which means the guide price works out to $4,545 psf.

The 99-year leasehold property is located within the Tanjong Pagar conservation area and is a one-minute walk away from Maxwell MRT Station on the Thomson-East Coast Line. It occupies a land area of 1,100 sq ft, with about 63 years remaining on the lease.

Caveats lodged with URA show that the shophouse last changed hands in August 2020 for $4.5 million (or $2,045 psf on the built-up area).

The shophouse is zoned for commercial use and is fully leased. Korean restaurant Hankang Pocha tenants the ground floor, while the upper floor is leased to a retail business. According to PropNex ShophouseHuat’s director Loyalle Chin, who is exclusively marketing the property, the shophouse has a rental yield of about 2.6%.

The property is eligible for foreigners and companies to purchase without additional buyer’s or seller’s stamp duty.

Based on caveats lodged, 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.

Recent transactions within the Tanjong Pagar conservation area (Source: EdgeProp, URA)

In February, Zhang Ying, the wife of Alibaba founder Jack Ma, was reported to have purchased three adjoining shophouses at 70, 71 and 72 Duxton Road for between $45 million and $50 million. The shophouses are said to have a total floor area of about 10,174 sq ft, which means the price translates to about $4,423 to $4,914 psf. The 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 closes on Aug 20 at 3pm.

A retail unit at mixed-use development, The 101, along Beach Road is up for sale at $7.62 million. (Photo: Knight Frank)

Retail unit along Beach Road up for sale at $4,951 psf

A retail unit at mixed-use development, The 101, along Beach Road is up for sale at $7.62 million. The unit measures 1,539 sq ft which reflects a price of $4,951 psf.

The 999-year leasehold property is zoned for commercial use and has received approval for use as a restaurant. The unit will be sold with an existing tenant – Sichuan restaurant, Chef China.

The 101 is located at the corner of Beach Road and Liang Seah Street and has dual frontage along both streets. It is within walking distance of Bugis MRT Station, an interchange for the East-West and Downtown lines.

According to Tania Ong, senior manager of capital markets at Knight Frank Singapore, who is handling the sale, comparable ground floor F&B units at Bugis Cube were transacted in the region of $4,760 to $4,890 psf in 2018.