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Both properties are zoned Commercial under the 2019 Master Plan, possess a 99-year leasehold tenure and are 250m away from the Tanjong Pagar MRT Station.
A pair of prime three-storey conservation shophouses along Tras Street has been launched for sale by CBRE via Expression of Interest, for a total guide price of S$22.8 million that works out to S$2,800 per sq ft on the total floor area per shophouse.
The two units vary in size with the larger shophouse occupying a land area of around 1,494 sq ft with a total floor area of about 4,257 sq ft, while the smaller shophouse occupies a land area of around 1,298 sq ft with a total floor area of about 3,852 sq ft.
Both properties are zoned Commercial under the 2019 Master Plan, possess a 99-year leasehold tenure and are 250m away from the Tanjong Pagar MRT Station.
Interested buyers may purchase the shophouses individually or collectively.
“On the back of rising prices of 999-year or freehold CBD shophouses that have been transacting between S$3,500 per sq ft and S$4,000 per sq ft on total floor area in the past year, we have started to observe investors’ interest shifting to well-located 99-year leasehold shophouses which are believed to offer better value and higher yields,” said Clemence Lee, senior director of capital markets for CBRE.
“At the attractive price of S$2,800 per sq ft, coupled with the subject properties’ proximity to the Tanjong Pagar MRT station, strong tenant covenants and attractive gross yields of up to 3.5%, we are confident that these two assets will attract strong investor interest.”
Tanjong Pagar is among Singapore’s trendiest areas, being home to several Michelin-star restaurants such as Capital, Issan Thai Food, Ushidoki Wagyu Kaiseki and Burnt Ends.
The EOI exercise for the conservation shophouses closes on 12 February.
Victor Kang, Digital Content Specialist at PropertyGuru, edited this story. To contact him about this or other stories, email victorkang@propertyguru.com.sg
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