Properties Sale May 27 29
A two-storey shophouse at 50 Tanjong Pagar Road has been listed for sale with a guide price starting from $10 million. Situated within the Tanjong Pagar conservation area, the 99-year leasehold property has a built-up area of approximately 2,200 sq ft. This works out to a guide price of $4,545 psf.Originally built in the early 1900s, the shophouse has been well preserved and is now under conservation status. The one-minute walk to Maxwell MRT Station on the Thomson-East Coast Line makes it an incredibly convenient location. The property sits on a land area of 1,100 sq ft with approximately 63 years remaining on the lease. Based on caveats lodged with the Urban Redevelopment Authority (URA), the shophouse was last sold in August 2020 for $4.5 million ($2,045 psf on the built-up area).The shophouse is currently fully leased to a Korean restaurant on the ground floor and a retail business on the upper floor. According to Loyalle Chin, the director of PropNex ShophouseHuat who is exclusively marketing the property, the rental yield for this shophouse is approximately 2.6%. Being zoned for commercial use, the property is eligible for both foreign buyers and companies to purchase without the additional buyer’s or seller’s stamp duty (ABSD and SSD).Recent transactions in the Tanjong Pagar conservation area have been on the rise. The most recent transaction on Jan 23 was for a shophouse at 24 Tanjong Pagar Road which sold for $9.5 million. This was followed by reports in February of Alibaba founder Jack Ma’s wife, Zhang Ying, purchasing three adjoining shophouses at 70, 71 and 72 Duxton Road for between $45 million and $50 million. The total floor area of these three shophouses is approximately 10,700 sq ft, translating to a price of $4,200 to $4,600 psf. These shophouses are zoned for commercial use and have a balance term of approximately 63.5 years on a 99-year leasehold tenure.The EOI exercise for the Tanjong Pagar Road shophouse will close on Aug 20 at 3pm.A retail unit located at the mixed-use development, The 101, along Beach Road has also recently been put on the market for sale at the price of $7.62 million. With a floor space of 1,539 sq ft, this works out to an asking price of $4,951 psf. The well-located 999-year leasehold property is zoned for commercial use and the existing tenant – Sichuan restaurant, Chef China – has received approval for use of the unit. The 101 sits on a corner of Beach Road and Liang Seah Street providing it with dual frontage. As it is within walking distance of Bugis MRT Station – an interchange for the East-West and Downtown lines – it is extremely convenient for both tenants and customers.According to Knight Frank Singapore’s senior manager of capital markets, Tania Ong, similar ground floor Food and Beverage units at Bugis Cube were being transacted between $4,760 to $4,890 psf in 2018.The last 10 office and retail transactions conducted at The 101 (Source: EdgeProp, URA)The tender for this unit will close on July 23.
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