Business

Rare row of Tanjong Pagar shophouses up for sale


A row of six adjoining conservation shophouses in Tanjong Pagar is up for sale at an indicative price of $57.8 million.

Marketing agent JLL yesterday said the guide price for the units - 48 to 56 Peck Seah Street - works out to about $2,900 per sq ft, based on the existing gross floor area of 19,938 sq ft.

The units, owned by a fund managed by Phoenix Property Investors, have a 33m-wide road frontage and are near the Tanjong Pagar MRT station

The private equity property fund acquired the shophouses in January 2015 for $42.8 million from shipping firm K Line (Singapore).

JLL said the properties were refurbished at a cost of $2 million in September 2015.

"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," said Mr Clemence Lee, senior manager for capital markets at JLL.

"We anticipate strong interest from astute end-users and investors such as boutique real estate funds, family offices and high net worth individuals."

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