Shophouses along Tras Street for sale via EOI
SINGAPORE – CBRE, as the special advertising agent, delights in to introduce up for sale using Expression of Passion 2 prime three-story preservation shophouses with attic room situated along Tras Road.
The larger shophouse system has an acreage of approximately 1,494 sq ft as well as an overall floor area of around 4,257 sq ft. Situated nearby, the smaller-sized device has an acreage of approximately 1,298 sq ft and an overall floor area of about 3,852 sq ft. Both shophouses have a 99-year leasehold period as well as are zoned for business use in the Chinatown-Tanjong Pagar Conservation Area under the 2019 Master Plan.
The two devices, which are within a short 260 m from Tanjong Pagar MRT Terminal, are completely leased to well-known food and also drink drivers on the first stage and SOHO customers on the top floors.
The guide price for the larger shophouse is S$ 12 million, while the smaller shophouse is S$ 10.8 million. These work out to approximately S$ 2,800 per sq ft on the complete flooring location of each shophouse. Interesting events are welcome to purchase the shophouses either jointly or independently.
Mr. Clemence Lee, Elder Director of Resources Markets at CBRE, says, “On the back of increasing costs of 999-year or freehold CBD shophouses that have been negotiating between S$ 3,500 per sq ft as well as S$ 4,000 per sq ft on the complete floor area in the past year, we have actually begun to observe capitalists’ rate of interest moving to well-located 99-year leasehold shophouses which are believed to supply much better worth and greater returns.”
Recent purchases of 99-year leasehold shophouses consist of 34,36 & 38 Tanjong Pagar Road which was sold collectively in December 2019 at S$ 16.35 million or about S$ 3,000 per sq ft on complete flooring location, and also 76 Pagoda Road which altered hands in July 2019 at S$ 13.3 million or approximately $3,500 per sq ft on overall floor area.
Mr. Lee adds, “At the attractive rate of S$ 2,800 per sq ft, paired with the subject homes’ distance to the Tanjong Pagar MRT station, strong lessee covenants as well as eye-catching gross returns of approximately 3.5%, we are positive that these two properties will bring in strong capitalist interest.”
Tanjong Pagar is one of Singapore’s trendiest areas, identified by its myriad of prominent F&B, retail, and lifestyle offerings. It is residence to a number of Michelin-star dining establishments such as Burned Ends, Funding, Issan Thai Food, Otto, Ushidoki Wagyu Kaiseki as well as Whole Earth. Along Tras Road, Six Senses Maxwell, an elegant store hotel as well as ST Trademark, a brand-new co-living driver, has simply opened doors in end of 2019.
New industrial developments in the area include Guoco Tower, Frasers Tower as well as ASB Tower that is set up to be completed this year. These modifications become part of URA’s urban renewal efforts to change the area into a live-work-play location like Clavon Condo, Parc Central Residences EC, and Riverfront Residences.
The Expression of Interest advertising and marketing workout will certainly close on 12 February 2020, Wednesday, at 3 pm.
The Gazania Showflat is open for online booking. You can now register online to receive direct developer discount offers and prices.