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Singapore Property News

2 Bukit Pasoh shophouses sold for nearly $22m

The family office of Indonesian tycoon Prajogo Pangestu has bought a pair of adjoining freehold shophouses in Teo Hong Road in the Bukit Pasoh Conservation Area for nearly $22 million.

Posted on 04-Jun-2018

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2 Bukit Pasoh shophouses sold for nearly $22m

The family office of Indonesian tycoon Prajogo Pangestu has bought a pair of adjoining freehold shophouses in Teo Hong Road in the Bukit Pasoh Conservation Area for nearly $22 million.

One of them is understood to have been sold by Mr Lim Chun Shuang, son of Mr Lim Hock San, president and chief executive of United Industrial Corporation.

According to JLL associate director of capital markets Clemence Lee, who brokered the deal, the shophouses have a combined built-up area of about 11,000sq ft.


No. 13 and 15 Teo Hong Road, each 3 1/2 storeys high, sit on separate land lots.

They are expected to be substantially refurbished including removing the wall between them to improve the efficiency of the combined space and boost the lettable area.

No. 13, which is vacant, used to house a massage parlour on the ground floor and offices on the upper levels. No. 15's ground floor is leased to a shop that sells leather goods. There is an office tenant on the second level and the rest of the building is vacant.

Once the existing leases run out, and after getting approvals from the authorities, the new owner plans to start renovations, possibly around year-end.

"We are still exploring how much we want to do but we are going to refurbish this pair of shophouses and plan to rent them out as offices, with F&B on the ground floor," managing director of ANB Investment Nancy Pangestu said.

The Singapore-incorporated company is the family office for the Pangestus. "ANB Investment handles all the family's private investments all over the world but a large part of our portfolio is in Singapore," said Ms Pangestu.

Indonesia-based Barito Group - with interests in petrochemicals, oil and gas, renewable energy, and property - is largely owned by the family, but not through ANB Investment, she added.

ANB Investment also owns four three-storey shophouses at 99 to 102 Amoy Street that it is currently refurbishing.

It acquired these 999-year leasehold properties for $32.9 million in 2012 from US-based property fund manager AEW.

Post-refurbishment, the Amoy Street shophouses will be leased to co-working space operator Found, a rebranding of Impact Hub Singapore.

ANB Investment also owns a 30,000 sq ft residential building at 6 Sarkies Road, near Newton MRT Station, which it has leased to co-living start-up Hmlet.

"We are very supportive of the tech/start-up industry in Singapore. In addition, we are looking for opportunities to invest in the industry," said Ms Pangestu.

Separately, a four-storey freehold commercial building near the corner of Kampong Bahru Road and Neil Road has been transacted for $22.58 million.

The property, which is officially named Dimensions Building but oddly also known as Blair House, is on a site of about 3,400 sq ft that is zoned for commercial use. It is on an envelope control site in the Blair Plain Conservation Area.

Envelope control sites are vacant lands and new buildings located within conservation areas, but not designated for conservation. Nevertheless, they are subject to guidelines, for example relating to height, setback and front facade.

Dimensions Building is being sold by an investment holding company that is understood to have completed a major revamp of the property about three years ago.

The buyer is understood to be a Chinese citizen and Singapore permanent resident Zhao Xuehao, who earlier this year also bought 75 Amoy Street, a conservation shophouse, for slightly over $18 million.

The price he is paying for Dimensions Building reflects $2,006 per square foot on average based on the total strata area of 11,259sq ft.

The building comprises four strata titles, one per floor.

The ground floor was sold at $2,951 psf and the three upper floors at $1,761 psf.

All 14 office and shop units in the building are leased out, with a music school and gym on the ground floor.

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