Prime Tanjong Pagar shophouse hits market with $10m guide price

PropNex is selling the property via an EOI exercise.

A rare prime shophouse at 50 Tanjong Pagar Road, listed with a guide price between $10m to $10.5m, has hit the market.

PropNex, the property's marketing agent, launched an expression of interest exercise (EOI) for the asset.  

The EOI will close on 20 August at 3 pm.

Foreigners and companies can purchase the asset without Additional Buyer or Seller Stamp Duty.

"50 Tanjong Pagar Road is arguably the only F&B shophouse in this $10m quantum range within the bustling downtown precinct that is for sale. It is also a rare opportunity for family offices to acquire an attractive investment property with a stable 2.6% rental yield and potential signage right in the heart of Tanjong Pagar for their operations,” Loyalle Chin, director of PropNex ShophouseHuat, said.

The two-storey property has an estimated total built-up area of approximately 2,200 sq ft and is zoned “Commercial.”

It is currently fully leased, with the ground floor occupied by Korean restaurant Hankang Pocha, whilst the upper floor intended for retail space offers a rental yield of approximately 2.6%.