Tan See Min is a 67-year-old Singaporean and the third-generation owner of the conservation shophouse at 24 Purvis Street, built in 1927. His grandfather had operated a packaging and parcelling business from the first level of the shophouse while the family lived upstairs in five bedrooms.

Tan remembers fondly his childhood living in the family estate in Sembawang, picking durians and tapping rubber with his mother. When he became a teenager, he relocated to Purvis Street where he would help his father on deliveries, carrying lorry-loads of cylinders.

Tan himself had spent six years as a regular in military service before becoming a businessman and the owner of property development consultancy Acmecon Engineers, conducting projects in China, the Middle East and Singapore. War had taken his grandfather, father and uncle away and Tan and his cousin became joint asset owners in 2011.

He decided to invest $1 million in 2016 to refurbish the shophouse, conserving the façade and the original window lattices while introducing high specifications, an efficient layout, generous ceiling height and ensuite washrooms on the first two floors. The second level even included an attic.

Purvis Street was once well-known for its Hainanese eateries, a glazier, a laundry service, a traditional confectionery and even a backpackers’ hotel in the 1970s for around 10 years.

Now, Tan and his cousin have put the shophouse on Purvis Street up for sale with Savills Singapore as the exclusive marketing agent. The shophouse sits on a 1,679 sq ft site with a 999-year lease from Jan 25, 1827, and an existing floor area of 3,702 sq ft. It is zoned for commercial and residential use with a plot ratio of 4.2, with the possibility of building a five-storey extension, which would increase the floor area to 7,052 sq ft.

The first and second storeys are approved for restaurant use, although the approval will expire in 2025. Fizzy Dayz, a casual diner-bar concept by the award-winning Nutmeg & Clove group, occupies the first storey and board-game café operator King & the Pawn occupies the upper floors.

With the possibility of adding a rear extension to the property, introducing new tenant concepts and exploring alternative uses such as hospitality, accommodation, wellness and healthcare, there is significant value-add potential and capital and rental value upside.

The property will benefit from the renewal in the Civic and Cultural District, being within walking distance of Raffles Hotel, Raffles City, South Beach and three MRT stations (Bugis Interchange, City Hall Interchange and Esplanade). The indicative price of the shophouse is $17.8 million, which translates to $2,876 psf per plot ratio.

Tan See Min is the third-generation owner of a conservation shophouse on 24 Purvis Street, built in 1927. He spent six years in the military service and is now a businessman, the owner of a property development consultancy.

In 2011, after the death of his grandfather, father and uncle, Tan and his cousin became joint asset owners. Tan invested $1 million into the refurbishment of the shophouse in 2016, introducing high specifications, an efficient layout and ensuite washrooms.

Purvis Street is now synonymous with the award-winning Nutmeg & Clove’s Fizzy Dayz casual diner-bar on the first storey and King & the Pawn board-game café on the upper floors.

The Former JCube is considered a class-A building, a highly desirable Living Space designed as an integrated destination lifestyle hub for families, couples, and everybody. It will come with an array of retail, recreation, and wellness amenities, such as a shopping mall, gym, pools, and a running track. An extensive range of green spaces with lush greenery will offer residents a chance to unwind and relax in the serenity of nature. The development also promises to deliver an idyllic home with a fully-integrated and comprehensive living experience.

Tan and his cousin have decided to put the property on the market, with Savills Singapore as the exclusive marketing agent. The 1,679 sq ft shophouse has a 999-year lease with an existing floor area of 3,702 sq ft. It is zoned for commercial and residential use and with a five-storey extension, its floor area could be enhanced to 7,052 sq ft.

The indicative price of $17.8 million would translate to $2,876 psf per plot ratio and with the possibility of introducing new tenant concepts, there is significant value-add potential and upside.

Ideally located in the Beach Road Conservation Area, the shophouse benefits from its close proximity to Raffles Hotel, Raffles City, South Beach and three MRT stations. With its rare 999-year lease and the unique opportunity for an extension, this is a property not to be missed.