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Super Rare Art Deco adjoining 4.5 Storey Conservation Shophouse at Tanjong Pagar road for sale

Updated: Sep 17, 2022

[Guide Price SGD$39.8 million or $13,222 psf based on land area]

This is a pair of four-and-a-half-story conservation shophouses with a land area of 3,010 sqft and a built-in of approximately 11,189 sqft. The super rare beautiful conservation shophouse has a leasehold of 99 years starting from 1994. It is fully leased to multiple tenants, with a total average monthly rental income of SGD$78,250

It sits amidst a row of 15-unit 4-storey prewar Art Deco shophouses, flanked by Murray Street and Cook Street and near the upcoming Maxwell MRT and existing Tanjong Pagar MRT stations. The block is adjoined with the 14-unit 3-storey Murray Terrace at the back, which once housed Murray Street Food Alley.

This Art Deco style row has been refurbished by its previous owners to achieve a consistent décor that uplifts the entire street’s profile, with restorations such as fair-faced brick lining the façades.

[Current approved usage is as follows]

Further checks from URA SPACE, indicate other allowable uses such as hotels, backpackers hostels, service apartments, and commercial schools. The new owner of this pair of shophouses can potentially do an asset enhancement to improve its rental income by converting its upper floors(2nd to 4th Floor) to hotel usage.

Example - Hotel Solaha @ Teck Lim Road [Room Rate from $197 to $350 per night]

These 3 adjoining shophouse has a GFA of approx. 13,579 sq ft with 45 hotel rooms on the upper floors and restaurants on the ground floor.

As Singapore's tourism recovery gains its momentum with more covid measures being relaxed, STB expects 4 to 6 million international visitor arrivals for 2022.

Singapore’s mid-market hotel segment is expected to continue its path towards recovery in the second half of this year and should post a healthy post-pandemic growth performance on the back of increased tourist demand and heightened investment interest, based on a market report by JLL.

[LATEST DISTRICT 2 TRANSACTIONS] A single-unit shophouse at 93 Tanjong Pagar Rd was sold on for S$13.25m or $10,215 per square foot based on the land price - Straits-Times



Daniel Chng

+65 8752 5515

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