CBRE, as the exclusive advertising representative, is very happy to launch available through Expression of Interest two prime three-storey conservation shophouses with loft situated along Tras Street.
For official Dairy Farm Residences layout, reserve a showflat appointment on the new mixed development, going to develop by United Engineers Limited. Target to launch in Q2 2019.
The bigger shophouse unit includes a land area of roughly 1,494 sq feet and overall floor area of roughly 4,257 sq ft. Located throughout the road, the more compact unit includes a land area of about 1,298 sq feet and overall floor area of roughly 3,852 sq ft. The two shophouses have a 99-year leasehold tenure and are zoned for industrial use from the Chinatown-Tanjong Pagar Conservation Area under the 2019 Master Plan.
Both units, which can be within a brief 260 m from Tanjong Pagar MRT Station, are wholly allowed to based food and beverage operators around the ground floor and SOHO users around the top floors.
The guide price for its bigger shophouse is S$12 million, although the more compact shophouse is S$10.8 million. These workout to around S$2,800 per sq feet on the entire floor area of every shophouse. Interested parties are welcome to buy the shophouses either independently or collectively.
Recent trades of 99-year leasehold shophouses comprise 34,36 & 38 Tanjong Pagar Road that were marketed together in December 2019 in S$16.35 million or roughly S$3,000 per sq feet on total ground area, also 76 Pagoda Street which changed hands in July 2019 in S$13.3 million or roughly $3,500 per sq feet on total ground area.
Mr Lee adds,”In the appealing cost of S$2,800 per sq feet, coupled with all the topic properties’ proximity to the Tanjong Pagar MRT station, powerful tenant covenants and appealing gross returns of around 3.5%, we’re convinced that both of these assets will bring in strong investor interest.”
Together Tras Street, Six Senses Maxwell, a luxurious boutique resort and ST Signature, a brand new co-living operator, have opened doorways high-end 2019.
New commercial developments in the region comprise Guoco Tower, Frasers Tower and ASB Tower that’s scheduled to be finished this season. These modifications are a part of URA’s urban renewal attempts to transform the area to a livework-play destination.