Shophouses can be redeveloped into co-living properties: Savills
A shophouse situated at 93 Tanjong Pagar Road is currently on the market for sale through an expression of interest (EOI) exercise, with a suggested price of $15.5 million. The property, which is a conservation shophouse, is spread over 3½ storeys and occupies a land area of 1,297 sq ft. The gross floor area (GFA) of the property is 4,186 sq ft, which translates to a guide price of $3,703 per square foot on the GFA.
The map below shows the exact location of the property at 93 Tanjong Pagar Road.
The shophouse, which has a 99-year leasehold, is a commercial property with approval for Food and Beverage (F&B) use. It is currently rented out to a popular Korean barbecue restaurant chain on the first and second levels. The property is conveniently located within walking distance to both the Tanjong Pagar MRT Station on the East-West Line and the Maxwell MRT Station on the Thomson-East Coast Line.
PropNex Shophouse Elites is in charge of marketing the property. Interested buyers can submit their EOI bids by noon on January 20, 2025.
In other related news, a group of conservation shophouses located on Telok Ayer Street is also up for sale for a whopping $42 million. These shophouses have a freehold tenure and are currently tenanted out.
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Another shophouse, this time located on Race Course Lane, is on the market for $8.8 million. The property has a freehold tenure and is suitable for both commercial and residential use.
According to Savills, shophouses can also be redeveloped into co-living properties, providing a unique and lucrative investment opportunity for potential buyers.