Savills Singapore, as the exclusive marketing agent, is pleased to offer for sale 48 Peck Seah Street – a pair of two-storey with attic shophouses located in the heart of Tanjong Pagar CBD.
Zoned “Commercial” under the 2019 Master Plan, 48 Peck Seah Street has a land area of approximately 2,813 square feet and a total floor area of approximately 6,562 square feet. Beautifully refurbished in 2015, the shophouses feature high ceiling heights and regular floor plates. Enjoying rare “Restaurant” approval, the ground floor is tenanted out to a Fat Prince, a vibrant and creative modern Middle Eastern restaurant.
A stone’s throw from the iconic integrated Guoco Tower development, 48 Peck Seah Street is centrally located and easily accessible with Tanjong Pagar MRT just one minute walk away and a short three minutes’ walk from Maxwell MRT station. Located directly opposite an open-air carpark, 48 Peck Seah Street enjoys ample car parking spaces in the immediate vicinity as well as street parking right in front of the Property.
Ms. Yap Hui Yee, Executive Director, Investment Sales & Capital Markets at Savills Singapore, shares, “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.”
The guide price for 48 Peck Seah Street is $22.9 million which translates to $3,500 psf on floor area. No Additional Buyer’s Stamp Duty (ABSD) or Seller’s Stamp Duty (SSD) is applicable on the purchase of the unit. Foreigners and companies are eligible to purchase.
Ms. Yap adds, “Ownership of shophouses along Peck Seah Street are tightly held and are hardly on the market. This is an exceptional opportunity for buyers to own a distinctive trophy asset with excellent specifications in the gentrified Tanjong Pagar precinct. Given the highly desirable attributes of 48 Peck Seah Street, we expect strong interests from both end users such as family offices, investment holding companies; local and foreign investors.”
The sale will be conducted through an Expression of Interest exercise which closes on 8 February 2024, Thursday at 3pm.