Shophouse at Tanjong Pagar Road for sale at $14.6 mil
A shophouse at 91 Tanjong Pagar Road has been put up for sale amid the rejuvenation of the area with the opening of the Mondrian Singapore Duxton Hotel, as well as the redevelopment of the former Maxwell House to TMW Maxwell, a mixed-used development. Offered with an EOI exercise with a guide price of $14.6 mil, the three-storey conservation shophouse has an estimated built-up area of 3,842 sq ft and occupies a land area of 1,297 sq ft zoned for commercial use.
The cycling paths will eventually connect Tampines Ave 11 Condo to nearby parks and amenities, such as Tampines Central Park, Tampines Town Hub, and more. In addition, cycling paths would enhance connectivity between the various neighbourhoods and beyond. Residents of Tampines Ave 11 Condo would have better accessibility to amenities, allowing for more leisurely activities. Furthermore, cycling paths are also beneficial for recreational and leisure activities, like jogging and walking. With the new cycling paths, these activities can be done with greater ease and comfort, making them even more enjoyable. Therefore, the addition of cycling paths will definitely enrich the lifestyle of residents from Tampines Condo.
The property has undergone refurbishment and each floor has a column-free, regular layout, complete with an ensuite washroom. Located within the Tanjong Pagar Conservation Area, it is also a two-minute walk away from the Tanjong Pagar MRT Station and five-minute walk from Maxwell MRT Station.
Based on the built-up area, the guide price works out to $3,800 psf.Sophia Lim, Director of Investment Sales and Capital Markets at Savills Singapore comments, “The incoming buyer is poised to benefit from the rejuvenation in the immediate vicinity”. Even though the land has been zoned for commercial use, the buyer may apply to convert the ground floor for F&B use, and the upper floors for co-living, medical facilities, or educational centres, subject to approval from authorities.
According to EdgeProp Research, latest sales transactions for commercial properties on Tanjong Pagar Road show a steady trend in prices. The EOI exercise for 91 Tanjong Pagar Road is expected to close on Nov 8 at 3pm.
The sale of this shophouse in the Tanjong Pagar area is expected to tap into the recent rejuvenation of the area, which includes the opening of Mondrian Singapore Duxton Hotel, and the redevelopment of the former Maxwell House into TMW Maxwell – a residential and commercial mixed-used development.
Savills, the exclusive marketing agent for the property, has put up the shophouse at 91 Tanjong Pagar Road for an expression of interest sale with a guide price of $14.6 million. It has a land area of 1,297 sq ft, deemed suitable for commercial use, as well as an estimated built-up area of 3,842 sq ft. This makes the per sq ft price tag at a guide of $3,800.
After refurbishment, each level of the three-storey shophouse has a column-free, regular layout and an ensuite washroom. Located within the conservation area, it is just a few minutes away from both the Tanjong Pagar MRT Station on the East West Line and the Maxwell MRT Station on the Thomson-East Coast Line.
Buyers of this shophouse stand to benefit from the ongoing rejuvenation in the region. Lim from Savills Singapore says, “The buyer could potentially convert the ground floor of the shophouse for F&B use and the upper floors for alternative uses such as co-living, medical facilities and educational centres, subject to approval from authorities.”
Latest sales transactions for commercial properties on Tanjong Pagar Road, according to EdgeProp Research, show an upward trend in prices. All interested buyers have until Nov 8 at 3 pm to submit their EOI for 91 Tanjong Pagar Road before the close of the exercise.