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Conservation shophouses at Tanjong Pagar, Outram Park up for sale

91 Tanjong Pagar Road.jpg
Located in the central business district, 91 Tanjong Pagar Road is a four-minute walk from Tanjong Pagar MRT station and the upcoming Maxwell MRT station.

SEVERAL shophouses located in Tanjong Pagar and Outram Park were put on the market on Wednesday amid mounting demand for the property type. 

A three-storey conservation shophouse with attic at 91 Tanjong Pagar Road is up for sale via expression of interest with an indicative price of S$10.2 million, exclusive marketing agent JLL said. 

This translates to S$2,615 per square foot (psf) based on an estimated gross floor area of 3,900 square feet (sq ft). The shophouse has a land area of 1,292 sq ft.

It is zoned for commercial use under the Urban Redevelopment Authority's (URA) Master Plan 2019, which means foreigners are eligible to purchase the property with no additional buyer's stamp duty and seller's stamp duty payable.

JLL capital markets director Ong Zhen Hao said the shophouse is fully tenanted. It has regular, column-free floor plates, generous ceiling heights and windows that allow for natural lighting.

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Nestled in the central business district, the property is a four-minute walk from Tanjong Pagar MRT station and the upcoming Maxwell MRT station. It is also near Michelin-lauded restaurants such as Tippling Club, Gattopardo and The Blue Ginger.

Mr Ong said Tanjong Pagar has traditionally been an appealing locale to astute investors, who are mainly drawn to the buzz that has grown in recent years.

"It has established itself as the go-to location for bridal boutiques and refreshing food and beverage (F&B) concepts. At the heart of all this is 91 Tanjong Pagar Road, which is strategically positioned to benefit from the high footfall," he added. 

Besides this property, a pair of freehold three-storey commercial conservation shophouses located at 13 and 15 Teo Hong Road is up for sale with a S$33 million guide price, sole marketing agent CBRE said on Wednesday.

This translates to S$2,980 psf based on an estimated floor area of 11,070 sq ft after addition and alterations (A&A) work. 

The shophouses face Outram Park MRT and are located in the Bukit Pasoh Conservation Area. Zoned for commercial use under the URA Master Plan 2019, they occupy a land area of 3,476 sq ft and have prominent frontage of about 11.6 m along Teo Hong Road. 

CBRE said that in-principle approval from the authorities to conduct A&A work on the shophouses has been obtained. These works include the construction of an open terrace on the second floor, which will overlook a park behind the property, as well as an attic above the third level. 

The shophouses currently feature a regular and column-free layout and a ceiling height of more than 4 m on the ground floor, which facilitates natural lighting. 

CBRE Singapore senior director of capital markets Clemence Lee said the shophouses will be sold with vacant possession. The buyer will be able to immediately carry out A&A works to tailor the shophouses according to needs.

The shophouses also come with the flexibility of having multiple potential uses such as F&B, retail, office, serviced apartments or hotel.

“We are optimistic that the subject property will appeal to a wide pool of buyers such as boutique real estate funds, family offices and high-net-worth individuals and corporates who are seeking to capitalise on the vibrant yet understated F&B and lifestyle scene in the Bukit Pasoh / Keong Saik area,” Mr Lee said. 

Back in May 2018, the family office of Indonesian tycoon Prajogo Pangestu picked up the Teo Hong Road adjoining freehold shophouses for nearly S$22 million. One of them was understood to have been sold by Lim Chun Shuang, son of Lim Hock San, president and chief executive of United Industrial Corporation. (See amendment note)

The expression-of-interest exercise for 13 and 15 Teo Hong Road closes at 3pm on Feb 9,  while that for 91 Tanjong Pagar Road closes at 3pm on Feb 25.

The bustling shophouse property segment has been attracting high-net-worth individuals and families here and from abroad, in addition to property investment groups. The latest deals include three adjoining conservation shophouses at 8, 9 and 10 Craig Road, which went for S$29.28 million.

In November 2020, a shophouse at 6 Bukit Pasoh Road was put on the market with a guide price of S$10.5 million, which translated to about S$3,750 per square foot on the total floor area, according to sole marketing agent PropNex Realty at the time. 

Amendment note: A previous version of this story incorrectly stated that the family office of Indonesia tycoon Prajogo Pangetsu picked up 13 and 15 Teo Hong Road earlier this month when it was in 2018. The story has been amended to reflect this change.

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