Tanjong Pagar shophouse up for sale for $15m

The property has just recently undergone a $1m asset refurbishment project.

A newly restored three-storey shophouse in Tanjong Pagar Road is up for sale for $15m, JLL revealed.

With a land area of 1,722 sqft and a built-up area of 4,477 sqft, the property is fully leased and is currently approved for F&B use on the ground floor and offices on the upper floor. The ground floor is currently occupied by a popular Korean restaurant, Busan Korean BBQ.

The property has just recently undergone an approximately $1m asset refurbishment project and has been transformed with newly refurbished building interior and the installation of brand new M&E, lighting and air-conditioning systems. It is in close proximity to Tanjong Pagar MRT station as well as to the upcoming Maxwell MRT station which is set to open in 2021.

As the property sits on land zoned for commercial use, foreigners are eligible to purchase the property. There is also no Additional Buyer’s Stamp Duty (ABSD) or Seller’s Stamp Duty (SSD) imposed on the purchase of the property.

The Expression of Interest (EOI) exercise for the shophouse will close on 19 March at 3pm.