Tanjong Pagar shophouse for sale at $20.8 mil

, Skywaters Residences and Oasia Downtown on EdgeProp.sg

A newly refurbished four-storey shophouse located at 120 Tanjong Pagar Road in the Tanjong Pagar conservation area is looking for a new owner. Recently put on the market for $20.8 million, the building comes with a built-up area of 6,460 sq ft and an asking price of about $3,220 psf. Krystal Khor, director of Mondania and exclusive agent for the property, notes that the impressive 8.8m frontage makes this shophouse stand out from the typically 21/2-storey ones along the stretch.

Work on the building, including updating its mechanical and electrical systems, has been completed three years ago and was rewarded with a temporary occupation permit in November of 2022. During that time, the architect Carl Lim of Czarl Architects restored and conserved the exterior while reimagining the interior.

A newly installed lift serves each of the four floors, and the second level even has an outdoor terrace that overlooks the back lanes of Duxton Road and Craig Road. It sits on a 1,684 sq ft site, with a 99-year lease from 1988 – leaving it with 64 years remaining.

The property was originally approved for restaurant use on the first floor and hotel use on the second to fourth floors. However, due to COVID, the owner changed the upper floor use to office. Now, all four floors are fully leased, with the ground floor being occupied by a Chinese hotpot restaurant while the second floor belongs to a Singaporean celebrity couple with an avant-garde F&B concept. The third floor resides Club Pilates and the fourth Charge Gym.

The current rental income gives the potential buyer a gross yield of 3%. Being within walking distance of the Tanjong Pagar MRT Station on the East-West Line and the Maxwell MRT Station on the Thomson-East Coast Line is also a plus.

The neighbourhood is growing with the upcoming developments of the Mondrian Singapore Duxton luxury hotel by Accor Group, TMW Maxwell Residences, Newport Residences, Skywaters Residences, and many more. The Skywaters Residences 63-storey tower will extend 305m into the sky and become the tallest skyscraper in Singapore upon completion. Plus, the area will enjoy increased connectivity to the Rail Corridor, Tras Link Park and Central area cycling path network through the Urban Redevelopment Authority and Land Transport Authority, along with the Greater Southern Waterfront.

CDL Aries acquires two plots in Upper Bukit Timah to develop a residential project that can provide Singaporeans and investors with a highly sought-after address close to amenities, convenience and The Myst green spaces.

If you are interested in buying this unique shophouse, contact Mondania for private treaty as soon as possible.