Tanjong Pagar storefront listed for $20.8 million

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A shophouse that is intermediate at 120 Tanjong Pagar Road, in the Tanjong Pagar conservation area is available being sold at $20.8 million. The shophouse has been renovated and is spread over four floors. The built-up area of 6,460 square feet that means that the selling price of $20.8 million is approximately $3,220 per square foot. The property is offered through private contract.

The contemporary, four-storey shophouse is distinctive along the length of shops that are typically 21/2 stories in height, claims Krystal Khor director of Mondania the sole agency for the property. “The property has an 8.8m length of frontage, almost twice as wide as the typical shophouse,” she says.

The property has undergone massive additions and changes over the past three years and included upgrading the electrical and mechanical systems. A temporary occupancy permit was granted in the month of November 2022. In the process of reimagining the interiors architects Carl Lim, principal of Czarl Architects, restored and protected the exterior.

The owner has put in an updated lift that is accessible from each floor. A terrace outside on the 2nd floor of the shophouse is a view of the back streets of the well-established Duxton Road and Craig Road. The property is located on a 1,684 square feet site and has an agreement for 99 years from 1988. Therefore the property has an additional 64 years in its lease.

The property is part of the Outram Planning Area and was initially approved for use as a restaurant on the first floor, and for hotel usage on the third through fourth floors. But, in Covid the owner rearranged the usage on the higher floors from hotel use to office usage.

The four levels are all currently leased, according to Khor. The tenant on the ground floor is an Chinese hotpot restaurant, while the second floor tenant is “a Singaporean celebrity couple with an avant-garde F&B concept” The third-floor tenant will be Club Pilates; and the fourth-floor tenant is Charge Gym.

“Based on the present revenue from the rental property potential buyers is likely to get a gross yield of around three%,” says Khor.

The property located at 120 Tanjong Pagar Road is near two MRT stations. It is a three-minute walking distance to Tanjong Pagar MRT Station on the East-West Line and a five-minute walk to the Maxwell MRT Station on the Thomson-East Coast Line.

Nearby are towers like Guoco Tower which is an integrated project that is the tallest tower located in Singapore; Oasia Downtown; and Amara Hotel with the adjoining 100AM mall.

Future developments in District 2’s CBD district in District 2 include Mondrian Singapore Duxton, a luxurious hotel owned by Accor Group; new mixed-use developments like TMW Maxwell Residences (redevelopment of the Maxwell House, which was previously the Maxwell House) developed by Chip Eng Seng, SingHaiyi and Chuan Investment); Newport Residences (redevelopment of the former FujiXerox Towers) by City Developments as well as Skywaters Residences located at 8 Shenton Way (redevelopment of the former AXA Tower) by Alibaba and a consortium headed by Perennial Holdings. At 305m The 63-storey Skywaters Residences is expected to be Singapore’s highest building in Singapore when it’s completed.

In addition to these brand new mixed-use developments for residential and commercial use The area will also enjoy access with the Rail Corridor, Tras Link Park, and the Central Area’s cycling network, which is managed by the Urban Redevelopment Authority and Land Transport Authority. The neighborhood will benefit due to it’s proximity to planned Greater Southern Waterfront.