Skip Ribbon Commands
Skip to main content

News Release

Singapore

A row of six contiguous conservation shophouses opposite Tanjong Pagar MRT station up for sale

Indicative price in the region of $57.8 million


​SINGAPORE, 19 April 2017 – JLL, as the exclusive marketing agent, is inviting offers through an Expression of Interest exercise for the purchase of 48 to 56 Peck Seah Street - a row of 6 contiguous newly refurbished two-storey conservation shophouses with attic nestled within the vibrant Tanjong Pagar area.

​​​

Prominently located along Peck Seah Street, the property enjoys a 33-metre wide main road frontage and commands excellent visibility. The subject property sits on 3 separate land lots and has a combined land area of approximately 8,213 sq ft. The property has a total gross floor area of approximately 19,938 sq ft. Under the 2014 Master Plan, the site is zoned “Commercial” under the Chinatown (Tanjong Pagar) Historic District Conservation Area. The property is being offered for sale with existing tenancies. Tenants include Kohler, a global leader in kitchen and bath design and technology, who is leasing a majority of the space for their experiential product showroom on the ground floor and their office on the upper floors, and Fat Prince, an upscale Middle-Eastern restaurant and bar serving modern interpretation of exotic Turkish cuisine and finely-crafted cocktails. The property is located opposite a huge public car park which has approximately 150 to 200 carpark lots.


The Property underwent an approximately $2 million refurbishment program that was completed in September 2015. Formerly used as the headquarters for a shipping company, the row of shophouse was acquired, cleaned out and completely redesigned. Key features of the Property and refurbishment works include maintaining an open layout with original wood floor finish, brand new air conditioning system and restrooms, repainting of the exterior face of the Property, F&B provisions for all ground floor units, upgraded power system and a separate utility meter for each unit. The result is a heritage property that is exquisitely blended and completely retrofitted with a modern contemporary layout.


The offering is located a mere 150 metres from Tanjong Pagar MRT station. It is highly accessible via public transportation along Maxwell Road. Located within the Central Business District (CBD), the property is also easily accessible to other parts of Singapore via the Marina Coastal Expressway (MCE), Ayer Rajah Expressway (AYE) and Central Expressway (CTE). 


The historic Tanjong Pagar area has undergone a major transformation from its past and is today a vibrant commercial, residential, F&B, entertainment and lifestyle destination. The subject property, being strategically located along Peck Seah Street, enjoys close proximity to renowned developments and establishments in the area including office towers such as Capital Tower, Twenty Anson, AXA Tower, Springleaf Tower; hotels such as Carlton City Hotel, Oasia Hotel Downtown Singapore and Amara Hotel; high-end luxury residential developments such as The Icon, The Lumiere, Altez and Skysuites @ Anson; highly acclaimed restaurants such as Gattopardo Ristorante Di Mare, Teppei Japanese Restaurants, Tippling Club, Brasserie Gavroche, The Public Izakaya, Chef’s Table and Fleur De Sel; fancy cafés such as Cracker Jack, The Lokal, The Populus Coffee & Food Co. and The Botanist; exquisite cocktail bars such as Jekyll & Hyde, Kilo Lounge and Praelum Wine. 


Earmarked by URA as one of the major growth areas in Singapore, the Tanjong Pagar precinct is undergoing further rejuvenation and redevelopment. 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 include Frasers Towers, redevelopment of CPF Building, PS100 and OUE Downtown. Marriott International has also announced that they’ll be launching a collection of 2 lavish boutique hotels located in pre-war colonial shophouse in the area. 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.


Maxwell Chambers, which houses Singapore’s international arbitration centre, will expand and triple its size after taking over the adjacent Red Dot Traffic Building. Since its establishment in 2010, Maxwell Chambers has quickly become one of the most preferred cross-border dispute resolution facilities in the world. The expansion of Maxwell Chambers adds an additional 120,000 sq ft of floor space to house additional offices for international dispute resolution institutions, arbitration chambers, law firms and ancillary legal services. The expansion will allow Singapore to capitalize on the growing demand for cross-border dispute resolution services and to strengthen Singapore’s position as an international dispute resolution centre.


Mr Clemence Lee, Senior Manager, Capital Markets, JLL said: “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. If a buyer were to miss this opportunity, they’ll likely have to wait for a few years before a similar opportunity comes onto the market. Due to its rarity, contiguous row of shophouses are highly sought after by investors and are typically traded at a premium as compared to a single shophouse. We anticipate strong interest from astute end-users and investors such as boutique real estate funds, family offices and high-net-worth individuals (HNWIs).”


He added: “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. 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.”


Recent prominent transactions in the vicinity include 77 to 80 Amoy Street which sold for $59.5 million ($2,500 psf) in January 2017, 97 Amoy Street which sold for $12.8 million ($2,600 psf) in January 2017, 25 Boon Tat Street which sold for $19.0 million ($3,500 psf) in October 2016, 11 & 13 Bukit Pasoh Road which sold for $25.0 million ($2,940 psf) in September 2016 and 205 & 207 New Bridge Road which sold for $20.5 million ($3,525 psf) in September 2016.


The indicative guide price for 48 to 56 Peck Seah Street is in the region of $57.8 million, which reflects about $2,900 psf on the existing gross floor area. The shophouses can be sold either individually or collectively. 


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 Expression of Interest exercise closes on Tuesday, 23 May 2017 at 3pm.​