Phoenix Property Investors puts Peck Seah shophouses on the market for $57.8m

HONG KONG-BASED private equity real estate firm Phoenix Property Investors has put a row of six adjoining shophouses along Peck Seah Street near Tanjong Pagar MRT Station on the market.

The indicative price for 48 to 56 Peck Seah Street (even numbers only) is S$57.8 million, which works out to about S$2,900 per square foot (psf) on the total gross floor area (GFA) of some 19,938 sq ft.

Currently 82 per cent of the GFA is leased; on a fully let basis, the asking price would reflect a gross yield of close to 3 per cent, according to Clemence Lee, senior manager, capital markets at JLL, who is marketing the property through an expressions of interest exercise that will close on May 23.

The asset comprises three pairs of shophouses, with each pair sitting on a separate land lot. The land tenure for each plot is 99 years from May 7, 1994, which means the balance leasehold tenure is abou…