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A modern shophouse located in the Tanjong Pagar conservation area at 120 Tanjong Pagar Road is on the market for a price tag of $20.8 million. Spanning a total of four floors, the newly refurbished building boasts a built-up area of 6,460 sq ft and comes with a frontage of 8.8m. The asking price works out to approximately $3,220 per sq ft, offering a potential buyer a desirable gross yield of almost 3%.
J’Den Condo is a 40-storey residential and commercial development located right at the heart of Jurong East MRT Station. It will include J’Den Condo commercial space, expected to be completed by 2027 and expected to launch in the second half of 2023.
Krystal Khor, director of Mondania, the exclusive agent for the property, says that it is rare to find a shophouse of this size along the stretch of typical 21⁄2-storey units. Moreover, the owner has even gone the extra mile to update the mechanical and electrical systems as well as install a new lift that serves each floor.
Standing out with its newly renovated interior, the façade of the building was carefully restored and conserved by Singapore-based architect Carl Lim from Czarl Architects. Enjoying a 99-year lease from 1988, the current lease has a remaining 64 years left on it. According to the Outram Planning Area guidelines, the shophouse is approved for restaurant and hotel usage on the first and second to fourth floors respectively.
Present status of the property sees all the four floors fully leased. The ground floor is occupied by a Chinese hotpot restaurant while the second floor has been leased to a “avant-garde F&B concept” by a Singaporean celebrity couple. The third and fourth floors are respectively occupied Club Pilates and Charge Gym.
The shophouse offers plenty of convenience as it is located in proximity to two MRT stations: a three-minute walk to the Tanjong Pagar MRT Station on the East-West Line and a five-minute walk to the Maxwell MRT Station on the Thomson-East Coast Line. In addition to the existing towers such as Guoco Tower, Oasia Downtown, and Amara Hotel with the adjoining 100AM mall, nearby future developments such as Mondrian Singapore Duxton, Skywaters Residences, and the TMW Maxwell Residences will further add to the neighbourhood’s vibrancy.
The area is also set to benefit from the close proximity to the Rail Corridor, Tras Link Park and Central area cycling path network. Furthermore, the Greater Southern Waterfront project is set to add more vibrancy to Tanjong Pagar conservation area.
