Indonesian tycoon buys 2 Singapore Bukit Pasoh shophouses

[SINGAPORE] THE family office of Indonesian tycoon Prajogo Pangestu has picked up a pair of adjoining freehold shophouses in Teo Hong Road in the Bukit Pasoh Conservation Area for nearly S$22 million.

The properties are a stone's throw from Outram MRT Station. One of them is understood to have been sold by Lim Chun Shuang, son of Lim Hock San, president and chief executive of United Industrial Corporation.

The deals were brokered by Clemence Lee, associate director of capital markets at JLL who declined to comment on the seller's and buyer's identities.

According to him, the two properties have a combined built-up area of about 11,000 sq ft.

Nos 13 and 15 Teo Hong Road, each spanning three-and-a-half levels, are on separate land lots and are expected to be substantially refurbished including removing the wall between the two properties to improve the efficie…