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News Release

Singapore

A Pair of Charming Freehold Conservation Shophouses Nestled Within the Vibrant Bukit Pasoh / Keong Saik Area Up for Sale

Indicative price in the region of $20 million


SINGAPORE, 30 June 2016JLL, as the exclusive marketing agent, is inviting offers through a public tender exercise for the purchase of 11 & 13 Bukit Pasoh Road, a pair of beautifully-restored three-storey freehold shophouses with mezzanine levels nestled within the vibrant Bukit Pasoh / Keong Saik area.

The subject property sits on a combined land area of approximately 2,926 sq ft and has a total gross floor area (GFA) of approximately 8,503 sq ft. Under the 2014 Master Plan, the site is zoned "Commercial" under the Chinatown Historical District (Bukit Pasoh) Conservation Area. The property is currently fully occupied – with a spa and aesthetics clinic on the ground floor and a dance school and office tenants on the upper floors.

The offering is located about 150 metres from Outram Park MRT station and about 400 metres from the future Maxwell MRT station. It is also readily accessible to public transportation along Neil Road and New Bridge Road.Located within the Central Business District (CBD), the property is easily accessible to other parts of Singapore via the Marina Coastal Expressway (MCE), Ayer Rajah Expressway (AYE) and Central Expressway (CTE).

Bounded by New Bridge Road, Keong Saik Road, Neil Road and Cantonment Road, the Bukit Pasoh / Keong Saik area is an exciting district lined with colourful heritage shophouses mostly of the Transitional, Late and Art Deco styles. The area received conservation status on 7 July 1989 and is today one of the vibrant new F&B and lifestyle destinations rising in popularity amongst locals, expats and tourists. Well-known establishments in the area include fancy boutique hotels such as New Majestic Hotel, Naumi Liora Hotel and Hotel 1929; trendy designer restaurants such as Restaurant Andre, OSO Ristorante, Restaurant Ember and Burnt Ends; stylish cafes such as Potato Head Folk, The Lokal, Humpback and Luxe Sydney; exquisite cocktail bars such as Gibson Cocktail Bar and The Library Bar; and collaborative working spaces such as The Working Capitol. The area is also home to Ee Hoe Hean Club, one of the oldest millionaires' club in Singapore.

The subject property is located within the Tanjong Pagar precinct, which is currently undergoing rejuvenation to support the government's initiatives to transform the area into one that promotes a live, work and play environment. Leading the rejuvenation is Tanjong Pagar Centre, an iconic 1.7 million sq ft integrated development consisting of a Grade A office building, food and lifestyle mall, 5-star hotel and a luxurious residential development. Other new mixed-use developments in the area includes PS100, Frasers Towers, SBF Centre and OUE Downtown. The precinct is also the gateway to the future Greater Southern Waterfront. Outlined under the URA's 2014 Master Plan, the relocation of the ports and terminals along the southern coastline will free up 1,000 hectares of land potentially for the development of office developments, retail malls, high-end residential towers, hotels, public spaces and a waterfront promenade.

Mr Clemence Lee, Manager, Capital Markets, JLL said: "Freehold shophouses located in the vibrant Bukit Pasoh / Keong Saik area are highly sought after and seldom available for sale. This is an extremely rare opportunity for investors or owner-occupiers to stake a claim in this exciting F&B and lifestyle destination. Furthermore, with the subject property strategically situated in the heart of Tanjong Pagar, the new owner can expect to enjoy strong capital and rental upside from the spillover of commercial activities and the gradual transformation of the area in the mid to long term."

"We expect strong interest from investors such as boutique real estate funds, family offices and high-net-worth individuals (HNWIs) who are looking to invest in an asset class that is limited in supply and rich in historical value. Investors looking to value-add would be able to enhance the property by doing internal refurbishment works and by improving the existing tenant mix. For example, the existing ground floor space can be converted to an upscale restaurant to complement the highly-acclaimed Restaurant Andre and OSO Ristorante which are situated nearby." he added.

Due to Tanjong Pagar's central location and future potential, demand for shophouses in the vicinity remains strong. Recent prominent transactions in the vicinity include 15 to 21 Tanjong Pagar Road which sold for $57.4 million ($2,166 psf), 7 Craig Road which sold for $12.5 million ($2,445 psf), 40 & 41 Duxton Hill which sold for $19.6 million ($2,200 psf), 148 Neil Road which sold for $10.1 million ($2,406 psf), 48 to 56 Peck Seah Street which sold for $42.8 million ($2,155 psf) and 75 Pagoda Street which sold for $20 million ($3,500 psf).

The indicative guide price for 11 & 13 Bukit Pasoh Road is in the region of $20 million, which translates to about $2,350 psf on the existing GFA.

As the property sits on land zoned for commercial use, foreigners are eligible to purchase the property. There is also no Additional Buyer's Stamp Duty (ABSD) or Seller's Stamp Duty (SSD) imposed on the purchase of the property. 

The sale will be conducted through a public tender exercise which closes on Tuesday, 2 August 2016 at 3pm.

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Note to editors:

1.       A high resolution of 11 & 13 Bukit Pasoh Road is available here.