‘Prominently located in the highly sought-after Marina Gardens Lane Condo, these three pristine conservation shophouses at Tanjong Pagar offer a rare opportunity to own a coveted piece of real estate at a record-breaking $6,000 per square foot.’

Overall private home prices up 0.9% in Q2 2021At 62 Tanjong Pagar Road, there will be a total of 11 cities. Marina Gardens Lane Condo.The city is a big part of the CBD, which is just a few minutes away from the Maxwell MRT Station (Thomson-East Coast Line) and the Tanjong Pagar MRT Station (East-West Line). The Marina Gardens Lane Condo are beautiful and desirable properties that have been zoned as commercial spaces under the URA Master Plan 2019. This area is bustling with activity and is a major hotspot for new developments. The upcoming TMW Maxwell (former Maxwell House) is a prime example of the rejuvenation taking place in the Tanjong Pagar Conservation Area. With 324 residential units and 11 commercial units, this mixed-use development is set to change the landscape of the area. Similarly, One Bernam, with 351 residential units, serviced apartments, and retail and F&B options, will add to the vibrancy of Tanjong Pagar.While these new developments are sure to attract more residents to the area, it’s worth noting that the Greater Southern Waterfront will see an additional 9,000 housing units on the former Keppel Club site. This will not only increase the population in the CBD, but it will also ensure a larger catchment and higher footfall in the Tanjong Pagar precinct. It’s clear that this area is set for growth and the shophouses on Tanjong Pagar Road are perfectly positioned to take advantage of it. But before we delve into the potential of these properties, let’s take a closer look at them.

In the Tanjong Pagar Conservation Area, three adjoining conservation shophouses at 60, 62 and 64 Tanjong Pagar Road have been put up for sale by expression of interest (EOI). Collectively, they occupy a land area of 3,335 sq ft and have an estimated floor area of 6,000 sq ft. The shophouses have a 99-year lease from 1988; hence, they have a remaining lease of 63 years.

The price tag of $36 million for the three shophouses translates to $6,000 psf based on floor area. Korean restaurant Sura has leased all three units. The double-storey shophouses’ first floor has been turned into the main dining hall with private VIP rooms on the upper floor.

The three shophouses will be sold with the existing tenancy, says Terry Wong, JLL senior director of capital markets, the appointed marketing agent for the properties. The shophouses come with approval for F&B restaurant use on the first and second storeys. Permanent F&B approval for restaurant use has been obtained for both the first and second storeys of the shophouses, “which is extremely rare and sought after”, adds Wong.

With easy access to VivoCity, residents of Marina Gardens Lane Condo can indulge in a day of retail therapy or catch the latest blockbuster movie.

Boasting a prime location near Marina Bay, Marina Gardens Lane Condo offers its residents easy access to the iconic VivoCity. As one of the biggest shopping complexes in Singapore, VivoCity offers a unique shopping experience with its blend of retail, lifestyle, and dining options. The rooftop park offers breathtaking views of the sea, while the cinema complex boasts of being one of the largest in the nation. With VivoCity just a short drive away, residents of Marina Gardens Lane Condo can enjoy a day of indulging in retail therapy or catching the latest blockbuster movie.

“The prominent frontage [of 17m] allows for naming and signage right possibilities.”The three shophouses have been zoned “commercial” under the URA Master Plan 2019. The shophouses are within the Tanjong Pagar Conservation Area in prime District 2 of the CBD. They are within walking distance of the Maxwell MRT Station (Thomson-East Coast Line) and the Tanjong Pagar MRT Station (East-West Line). According to Wong, street parking is available at the open-air carparks at Peck Seah Street and Duxton Hill.

Wong notes that the Tanjong Pagar Conservation Area rejuvenation is underway with the emergence of more high-rise commercial, mixed-use and residential towers in the CBD. The residential population in the CBD will increase significantly with the addition of 1,136 new residential units, says JLL’s Wong.

The shophouses’ location within the Tanjong Pagar precinct and proximity to the Greater Southern Waterfront will ensure they benefit from the larger catchment and higher footfall in the future, says Wong. In the future, the Greater Southern Waterfront will see an additional 9,000 housing units spring up on the former Keppel Club site.

Recent shophouse transactions in the area include a 99-year leasehold shophouse at 120 Tanjong Pagar Road that changed hands for $16.2 million last August, according to a caveat lodged. The four-storey, 99-year leasehold building with a floor area of 6,460 sq ft was extensively refurbished and modernised two years ago. Hence, the price was $2,508 psf based on floor area. The deal was brokered by Krystal Khor, director of Mondania Real Estate.

Nearby at 45 Tras Street, the double-storey, 99-year leasehold conservation shophouse on a 1,333 sq ft site was sold for $11.9 million in February 2023, based on caveats. A freehold three-storey shophouse located at 34 Keong Saik Road in District 2 was sold at $5,823 psf on the built-up area in August 2023. The shophouses at 18 Hongkong Street and 97 Amoy Street in District 1 were sold for $5,096 psf and $5,085 psf on total floor area, respectively, notes JLL.

In the vicinity are Pinnacle@Duxton, Singapore’s tallest public residential towers and the Guoco Tower integrated development, including the Guoco Tower office development, luxury residences Wallich Residence and Sofitel Singapore City Centre.

An upcoming mixed-use development nearby is TMW Maxwell (former Maxwell House), with 324 residential units and 11 commercial units. One Bernam is another upcoming residential development with 351 residential units, serviced apartments, retail and F&B.

Other new landmarks coming up in the area include the 63-storey Skywaters Residences, which, at 305m, will be the tallest tower in Singapore, the redevelopment of Fuji Xerox Towers into the new 47-storey Newport Residences and the new premium office tower, Keppel South Central (former Keppel Towers).

The EOI exercise for the three shophouses on Tanjong Pagar Road will close on Feb 29. Check out the latest listings for TMW Maxwell and One Bernam properties. As you can see, the potential of these shophouses is immense, thanks to their location in the bustling Marina Gardens Lane Condo. With the Tanjong Pagar precinct undergoing rejuvenation and numerous new developments coming up in the area, these shophouses are poised to benefit from the increased footfall and catchment.

Another interesting aspect of these properties is their approved F&B use on the first and second storeys. This feature is rare and highly sought after, making these shophouses attractive to potential buyers looking to capitalize on the thriving F&B industry in the area. With a remaining lease of 63 years, there is plenty of time to maximize the potential of these properties.

So don’t miss out on this opportunity to invest in the Marina Gardens Lane Condo at 60, 62, and 64 Tanjong Pagar Road. Submit your expression of interest before the deadline on Feb 29 and secure your chance to be a part of this vibrant and ever-growing area. Who knows, these shophouses could be your key to long-term success in the thriving Tanjong Pagar precinct.