SINGAPORE (THE BUSINESS TIMES) - A pair of shophouses at 16 and 18 Tanjong Pagar Road has been put up for sale via an expression of interest (EOI) exercise with a guide price of $15 million, exclusive marketing agent PropNex Realty said on Wednesday.

The shophouse pair spans a land area of 1,976 sq ft and has a gross floor area (GFA) of about 4,090 sq ft, which includes an outdoor refreshment area. In its press statement, PropNex highlighted the potential to increase the property's GFA via the addition of an attic, subject to approval.

Both storeys of the shophouse pair are fully leased out to a contemporary Italian-Japanese restaurant. A part of the second storey is leased to a Japanese skincare studio.

The shophouse pair, approved for food and beverage, is zoned full commercial under the Urban Redevelopment Authority Master Plan 2019. This means it is eligible for purchase by foreigners without having to incur the additional buyer's stamp duty or seller's stamp duty.

Its tenure is 99 years with effect from 2000, which PropNex said is younger than the majority of Tanjong Pagar shophouses, with their leaseholds commencing between 1988 and 1994. Hence, PropNex associate division director Loyalle Chin said she considers the sale an "attractive investment play to international and local shophouse investors".

The property is a two-minute walking distance from the upcoming Maxwell MRT station, due to open at end-2021. It is also located directly beside Jinrikisha Station, a historical landmark at the junction of Tanjong Pagar Road and Maxwell Road owned by Hong Kong celebrity Jackie Chan.

Other new office and hospitality developments surrounding the property include Maxwell Chambers Suites, the revamped Maxwell Reserve and the upcoming mixed-use development at the former Chinatown Plaza site.

The EOI exercise for 16 and 18 Tanjong Pagar Road will close on May 6, 2021, at 3pm.