Business

Indonesian family buys 2 Bukit Pasoh freehold shophouses for $22m

The family office of Indonesian tycoon Prajogo Pangestu has bought a pair of freehold shophouses in Teo Hong Road in the Bukit Pasoh Conservation Area for nearly $22 million.

One of them is understood to have been sold by Mr Lim Chun Shuang, son of Mr Lim Hock San, president and chief executive of United Industrial Corporation.

According to JLL associate director of capital markets Clemence Lee, who brokered the deal, the shophouses have a combined built-up area of about 11,000 sq ft.

Number 13 and 15 Teo Hong Road sit on separate land lots.

They are expected to be substantially refurbished.

This may include removing the wall between them to improve the combined space and boost the lettable area.

Once the existing leases run out, and after getting approvals, the new owner plans to start renovations.

The Singapore-incorporated ANB Investment, the family office for the Pangestus, also owns four shophouses at 99 to 102 Amoy Street, and a 30,000 sq ft residential building at 6 Sarkies Road, near Newton MRT Station, which it has leased to co-living start-up Hmlet.

TRANSACTION

Separately, a four-storey freehold commercial building near the corner of Kampong Bahru Road and Neil Road has been transacted for $22.58 million.

The property, which is officially named Dimensions Building, is on a site of about 3,400 sq ft that is zoned for commercial use.

The buyer is understood to be Chinese citizen and Singapore permanent resident Zhao Xuehao, who earlier this year also bought 75 Amoy Street, a conservation shophouse, for slightly over $18 million.

- THE STRAITS TIMES

Property