Pair of two-storey shophouses at 48 Peck Seah Street on sale for $22.9 million

SINGAPORE: A pair of two-storey shophouses at 48 Peck Seah Street have gone on sale for $22.9 million, with a guide price translating to $3,500 per square foot (psf) on floor area.

According to the Singapore Business Review, the shophouses, including an attic, cover a land area of 2,813 square feet, with a total floor area of 6,562 square feet. The shophouses are located in the heart of Tanjong Pagar CBD.

Savills, the marketing agent for the property, has highlighted that the ground floor is currently occupied by the Middle Eastern restaurant Fat Prince, and the property holds a “Restaurant” approval.

Additionally, there is no Additional Buyer’s Stamp Duty (ABSD) or Seller’s Stamp Duty (SSD) applicable to the purchase, making it open to both foreigners and companies, said Savills.

“Tanjong Pagar is a major growth area earmarked by URA as Singapore’s business and lifestyle hub in the CBD. There are a few upcoming developments in the vicinity such as TMW Maxwell, The Skywaters and redevelopment of Nehsons Building that will see an injection of vibrancy in the locale. 48 Peck Seah Street is poised to ride the rejuvenation wave and the incoming buyer can expect capital appreciation and rental uplift down the road,” Yap Hui Yee, Executive Director of Investment Sales & Capital Markets at Savills Singapore said.

The sale of the property will be conducted through an Expression of Interest exercise by Savills, scheduled to close on Thursday, Feb 8 at 3pm./TISG