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A row of six adjoining conservation shophouses located within Tanjong Pagar area has been put up for sale via an expression of interest (EOI), with a guide price of about S$57.8 million, revealed marketing agent JLL.
This works out to S$$2,900 per sq ft on the total gross floor area of around 19,938 sq ft.
Nestled on three separate land lots with a combined land area of around 8,213 sq ft, the property is prominently located along Peck Seah Street, enjoying a 33-metre main road frontage.
JLL noted that the property, which was previously used as a shipping company headquarter, underwent a S$2 million refurbishment program that was completed in September 2015. Offered for sale with existing tenancies, 48 to 56 Peck Seah Street can be sold either individually or collectively, it added.
“Opportunities to acquire a row of 6 adjoining shophouses in the Central Business District are extremely rare and nearly impossible to find. 48 to 56 Peck Seah Street presents purchasers a chance to own a row of fully restored shophouses that is situated in a prime locale,” said Clemence Lee, senior manager for capital markets at JLL.
Given its rarity, Lee expects the property to attract strong interest from astute end-users and investors like family offices, boutique real estate funds and high-net-worth individuals (HNWIs).
“Being strategically situated opposite the iconic Tanjong Pagar Centre and right next to Maxwell Chambers, 48 to 56 Peck Seah Street presents the new owner with an exceptional opportunity to claim a stake in this exciting commercial and lifestyle destination,” he said.
“As more new developments are added to the Tanjong Pagar micro-market, the new owner can expect to enjoy capital and rental upside from the urban regeneration and the gradual transformation of the area in the mid to long term.”
JLL revealed that foreigners can acquire the property as it sits on a commercial-zoned land. No Seller’s Stamp Duty (SSD) or Additional Buyer’s Stamp Suty (ABSD) is payable for the property’s purchase.
The EOI exercise for the property will close on 23 May.
This article was edited by Denise Djong.
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