Shophouse at Kitchener Road flipped for $8 mil and 86% capital gain within five months

August 15, 2022



SINGAPORE (EDGEPROP) - A freehold, conservation shophouse at 147 Kitchener Road recently changed hands for $8 million, according to a caveat lodged on July 1. This transaction comes just five months after the previous one, which was completed in January, according to a property title search. Although no caveat was lodged then, the transacted price was pegged at valuation in August 2021, which was $4.3 million.

The entity that purchased the property five months ago was Pack Wan, a company created on Aug 14, 2021. The shareholders of the company are Aaron Wan, PropNex senior group district director, and his wife. When contacted, Wan declined to comment on the sale of the property.

The latest owner of the conservation shophouse at 147 Kitchener Road is Eng Teng Association. Founded in Singapore in 1916, Eng Teng Association is one of the most established Hakka Associations set up to provide assistance to new immigrants from Tingzhou prefecture, Fujian province, in China over a century ago.

Eng Teng Association has been located at the double-storey conservation shophouse at 132 Neil Road since 1918. The association owns the shophouse at 132 Neil Road and two other adjoining shophouses along the same row, namely 128 and 130 Neil Road. The shophouses are part of a row of five located in the Bukit Pasoh Conservation Area. Across the road is Pinnacle @ Duxton, the first high-rise, city centre HDB blocks standing 50-storey tall with 1,848 flats. And it’s right on the edge of Tanjong Pagar in District 2.

Read more at: https://www.edgeprop.sg/property-new...bove-valuation