The Tras Street Collection comprises three beautifully restored 3-storey plus mezzanine commercial buildings at 50, 52, and 74 Tras Street. These properties were modernized in 2020 – 2021 with the latest designs and fittings. All shophouses are fully rented, providing a reliable and solid income. Restaurants are currently operating on the ground level of 50 and 74 Tras Street, and there’s potential for 52 Tras Street to follow suit.
View the detailed information about The Tras Street Collection here.
Located within the central business area of Tanjong Pagar, Tras Street is a sought-after spot brimming with popular food and beverage, retail, and lifestyle businesses. It has earned the nickname “The Michelin Strip” due to several restaurants that have received Michelin Stars or are featured in the Michelin Guide like Euphoria and Hamamoto. The Urban Redevelopment Authority (URA) has identified Tanjong Pagar as a key development area, with massive renovation projects in progress, motivated by the CBD incentive scheme.
Ms. Yap Hui Yee, Executive Director of Investment Sales & Capital Markets at Savills Singapore, mentions, “This is a great chance for shrewd investors to acquire a set of artistically upgraded commercial assets in the CBD and establish a presence on Tras Street. The ongoing major redevelopment projects such as the AXA Tower and Nehsons Building, as well as the luxury residential developments TMX Maxwell and Skywaters, are set to increase the vibrancy of Tanjong Pagar once they’re complete. These properties are perfectly located to benefit from the area’s future growth and rejuvenation.”
Ms. Sophia Lim, Director of Investment Sales & Capital Markets at Savills Singapore, points out that investor focus has moved to strategically situated 99-year leasehold CBD shophouses that offer better deals and higher returns compared to the more expensive freehold or 999-year leasehold properties. The shophouses are all completely leased to dependable tenants and present opportunities for potential rent increases and capital gains as Tanjong Pagar goes through its renaissance.
Bidders can put forward their interest in purchasing the shophouses either separately or as a package through an Expression of Interest (EOI) process. The collective asking price for the collection is $50.8 million, with each property having its own guide price:
- 50 Tras Street: guide price of $15.3 million
- 52 Tras Street: guide price of $16.13 million
- 74 Tras Street: guide price of $19.39 million
Since the properties have a ‘Commercial’ land zoning, they are open for acquisition by both foreign nationals and corporate entities, without any additional purchase taxes or selling levies.
The EOI exercise is set to conclude on May 2, 2024, Thursday at 3 pm.
