Two beautifully-restored F&B shophouses near Tanjong Pagar MRT station up for sale
Properties can be sold individually or collectively
JLL, as the exclusive marketing agent, is proud to present an exclusive opportunity to acquire two beautifully restored three-storey conservation shophouses located in Tras Street for sale.
Salient details of the shophouses are as follows:
|Address||Tras Street Shophouse 1||Tras Street Shophouse 2|
|Description||A 3-storey conservation shophouse with attic||A 3-storey conservation shophouse with attic|
|Tenure||99-years leasehold wef 14 March 1995||99-years leasehold wef 30 March 1994|
|Land Area||1,298 sf||1,494 sf|
|Floor Area (approx.)||3,852 sf||4,218 sf|
|Guide Price||$10.8 million||$11.8 million|
|Master Plan 2014||Zoned “Commercial” Under the Tanjong Pagar Conservation Area|
The properties have undergone extensive renovation of over $1 million each and are currently fully tenanted. Ground floor for both properties are leased to F&B tenants while the upper floors are leased to a serviced apartment operator which offers accommodation to expatriates and business travellers for long term stay.
Both shophouses occupiy a prime location in the Tanjong Pagar precinct and are situated a mere 200-metre away from the Tanjong Pagar MRT station. Located within the Central Business District (CBD), the site is also easily accessible to other parts of Singapore via Ayer Rajah Expressway (AYE), Marina Coastal Expressway (MCE) and Central Expressway (CTE).
Gazetted as a conservation area in 7 July 1989, Tras Street was named after the Malayan town of Tras in Pahang. Over the years, Tras Street has evolved into a vibrant F&B, entertainment and lifestyle destination. The street is known for its string of restaurants, bars and cafes and is a popular nightspot among locals, foreigners and expats alike.
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, five-star hotel and a luxurious residential development. Other new developments in the area include Frasers Towers and ASB Building (former CPF Building).
Located near to both properties, Maxwell Chambers, which houses Singapore’s international arbitration centre will be expanding by another 120,000 sf after taking over the adjacent Red Dot Traffic Building. The expansion will allow to centre to house additional services to 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, Associate Director, Capital Markets, JLL, said: “With competing shophouses in the market offering yields of only around 2 - 2.5 per cent, the 2 shophouses on Tras Street offer investors an exceptional opportunity to acquire two beautifully restored trophy assets which are stabilized at a high 3.5 - 3.8 per cent yield. We expect strong interest from boutique real estate funds, local companies, family offices and high-net-worth individuals (HNWIs)”.
He added: “Being strategically situated near to the iconic Tanjong Pagar Centre and Maxwell Chambers, both properties present the incoming purchaser 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.”
The indicative guide price for both Tras Street shophouses is in the region of $22.6 million reflecting around $2,800 psf on GFA. The properties can be sold collectively or individually.
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 property will be marketed through an Expression of Interest exercise which closes on 1 November, Thursday at 3pm.
For a high-resolution image of the site, please click here.
- ends -
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with nearly 300 corporate offices, operations in over 80 countries and a global workforce of 83,500 as of March 31, 2018. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated.