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Indonesian business mogul Prajogo Pangestu’s family office, ANB Investment, has acquired two freehold shophouses at Singapore’s Bukit Pasoh Conservation Area for almost $22 million, reported the Straits Times.
One of them is believed to have been sold by Lim Chun Shuang, son of United Industrial Corp’s CEO and President Lim Hock San.
Situated at 13 and 15 Teo Hong Road, the properties stand on separate land parcels and have a total built-up area of around 11,000 sq ft, said JLL associate director of capital markets Clemence Lee, who negotiated the deal.
Subject to obtaining relevant approvals and after the expiration of the existing leases, the buyer plans to significantly renovate both shophouses. This may include tearing down the walls separating the properties to increase the amount of lettable space.
Notably, Singapore-incorporated ANB Investment owns another four shophouses at 99 to 102 Amoy Street plus a 30,000 sq ft residential building that is rented out to co-living start-up Hmlet at 6 Sarkies Road close to Newton MRT station.
Meanwhile, the four-storey Dimensions Building close to the corner of Neil Road and Kampong Bahru Road has been purchased for $22.58 million.
Located on a 3,400 sq ft site, the freehold commercial building is understood to have been bought by Zhao Xuehao, a Chinese national and Singapore permanent resident who had also picked up a conservation shophouse at 75 Amoy Street earlier this year for a little over $18 million.
Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email romesh@propertyguru.com.sg
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