JLL is dealing with yet another ambitious project on Tanjong Pagar, the historic district located within the Central Business District.
It has worked out an expression of Interest exercise for two conservation shophouses on Tras Street, the booming recreational spot with pubs, clubs, restaurants, lifestyle products, KRA Bars etc. with plenty of parking spaces.
Built with the tradition of Shophouses between 1860 and 1940, they have been designed to provide business houses on the ground floor and private accommodations on the upper floors.
A recent exhaustive restoration done in accordance with URA conservation guidelines has resulted in maximum retention of the heritage through careful repairing of these shophouses.
They are now occupied with F&B outlets on the ground floor, tenants on the first, and Serviced Apartments on the second and third floors.
Though these leasehold commercial properties belong to a single owner, they are not adjacent to each other. So, buyers have the option to buy them as single units or both units put together.
However, the identities of the properties have not been revealed by JLL, on specific instructions from the owner.
JLL’s Associate Director of Capital Markets, Clemence Lee notes that these three-storey properties, after their recent makeover have become magnificent marquee assets, in the sense that they offer rental yield as high as 3.5% to 3.8%
This yield is quite great compared to the regular 2% to 2.5% offered by similar assets in the vicinity.
Therefore, he believes that plenty of takers would be interested in setting up Garments Showrooms or Wealth Management Advisory Firms or Real Estate Funds or such thriving businesses.
Interested parties have to submit their Expression of Interest on or before 3 PM, the 1st Nov. 2018.
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|Property||Land Area (Sq Ft)||Floor Area (Sq Ft)||Price|
|Asset 1||1298||3852||S$10.8 million|
|Asset 2||1494||4218||S$11.8 million|
Guide Price: S$2800 psf