SINGAPORE – A row of six adjoining conservation shophouses in Tanjong Pagar has been put up for sale via expression of interest for an indicative price of S$57.8 million.
Marketing agent JLL said n Wednesday (19 April) that the guide price for the six units – 48 to 56 Peck Seah Street – works out to about S$2,900 per square foot on the existing gross floor area of 19,938 sq ft.
The shophouses, which are owned by a private equity fund, have a 33-metre wide main road frontage and are near the Tanjong Pagar MRT station.
JLL noted that the property had been refurbished at a cost of S$2 million in September 2015.
“Due to its rarity, contiguous row of shophouses are highly sought after by investors and are typically traded at a premium as compared to a single shophouse. We anticipate strong interest from astute end-users and investors such as boutique real estate funds, family offices and high net worth individuals,” said Mr Clemence Lee, senior manager for capital markets at JLL.
The shophouses sit on three separate land lots and has a combined land area of 8,213 sq ft.
They are offered for sale with existing tenancies. The tenants are kitchen and bath wares manufacturer Kohler, and Middle Eastern restaurant Fat Prince.
The expression of interest exercise closes on May 23, 2017 at 3pm.