Tan See Min is a 67-year-old Singaporean and the third-generation owner of a conservation shophouse located on 24 Purvis Street, built in 1927. The shophouse has a 1,679 sq ft site with a 999-year lease from Jan 25, 1827, with an existing floor area of 3,702 sq ft. Tan’s grandfather had operated a packaging and parcelling business from the first level of the shophouse, while the family occupied five bedrooms on the upper level.

When World War II arrived, Tan’s grandfather relocated the family to an island in the South China Sea, off the Federal Territory of Labuan, Malaysia. After the war, they returned and his grandfather resumed his business on Purvis Street.

During the 1970s, Tan moved to the shophouse until he married, since it was closer to his school. Tan’s father also ventured into the sale and distribution of baking ingredients as well as SG Oxygen with his brothers, delivering gases such as oxygen, carbon dioxide and acetylene to foundries.

“The old Purvis Street was pretty self-sustaining in a way; there were doctors, dentists, restaurants and boutique hotels,” recalled Tan. His father also operated a boarding house for about 10 years. Some famous eateries included Chin Chin Eating House, which is still in operation, and Yet Con Restaurant, which closed in 2021 after more than 70 years in service.

When Tan’s father and uncle passed away within months of each other in 2011, Tan and his cousin became joint asset owners. In 2016, Tan spent $1 million refurbishing the interiors of the shophouse.

The first and second storeys of the shophouse are approved for restaurant use and the two floors are currently leased to board-game café operator King & The Pawn and Fizzy Dayz by the award-winning Nutmeg & Clove group.

Since Tan’s cousin, who is in his 80s, believes it is time to sell the asset, the cousins decided to put the property for sale by expression of interest (EOI) via Savills Singapore as the exclusive marketing agent.

The property is zoned for commercial and residential use with a plot ratio of 4.2. The new owner can build a five-storey extension, enhancing the floor area to 7,052 sq ft. The indicative price of $17.8 million translates to $2,876 psf per plot ratio.

The Altura Executive Condominium is a highly anticipated project located in West Avenue 8. It offers a much more affordable option than private condominiums for first-time buyers and HDB upgraders. Altura EC is estimated to be launched in the second quarter of 2023, marketed at S$1,300 psf. Designed for comfort and convenience, it also enjoys easy access to transport and amenities, creating a perfect living environment for families.

Tan See Min, the third-generation owner of a conservation shophouse in 24 Purvis Street, Singapore, is putting the property up for sale by Expression of Interest (EOI). The one-storey shophouse with an attic has a 999-year lease from Jan 25, 1827, and an existing floor area of 3,702 sq ft.

The shophouse is zoned for commercial and residential use with a plot ratio of 4.2, allowing for the new owner to build a five-storey extension, enhancing the floor area to 7,052 sq ft. The indicative price of the property, as of Jun 2021, is $17.8 million, translating to $2,876 psf per plot ratio.

Tan and his cousin became the joint asset owners in 2011, after both of his father and uncle had passed away within months of each other. In 2016, Tan spent $1 million on refurbishing the interiors of the shophouse.

Currently, the two-storey shophouse is leased out to board-game café operator King & The Pawn and Fizzy Dayz by the award-winning Nutmeg & Clove group. The combined monthly rental rate is set at $20,000, and there is potential for further rental upside.

Situated in the Beach Road Conservation Area, the property is just within walking distance to Raffles Hotel, Raffles City, South Beach as well as three MRT stations (Bugis Interchange, City Hall Interchange and Esplanade). It is also nearby the new mixed-use developments in the Bugis and Beach Road neighbourhood, such as Guoco Midtown, Shaw Towers and The M.

Tan See Min’s conservation shophouse is being sold by EOI via Savills Singapore, closing on June 21st, 2021. The property is located in the Beach Road Conservation Area, and is in close proximity to many important areas in Singapore. It has an existing floor area of 3,702 sq ft and an indicative price of $17.8 million, with potential to build a five-storey extension and increase the floor area to 7,052 sq ft. The shophouse is currently leased to board-game café operator King & The Pawn and Fizzy Dayz by the award-winning Nutmeg & Clove group, with a combined monthly rental rate of $20,000, and has potential for rental upside. Given the close proximity to many conveniences and attractions, the property can potentially further capital and rental value upside when alternate uses such as hospitality, accommodation, wellness and healthcare are explored, subject to approval from the relevant authorities.