A two-storey shophouse along Craig Road has been put up for sale with a guide price of S$12 million.
According to Savills, the exclusive marketing agent of the sale, the shophouse sits on a land area of approximately 1,581 sq ft, with an estimated floor area of 3,483 sq ft. It comes with a mezzanine level and an open terrace facing a park connector. In terms of the price psf, this translates to around S$3,445 psf on the floor area.
The property is a conservation shophouse within the Tanjong Pagar conservation area. This means some uses, such as new bars and pubs, may not be allowed. In the case of this property, it sits on a “Commercial” zone and comes with F&B approval on the ground floor and office use on the upper floor.
According to Savills, the shophouse is currently tenanted with a popular Japanese cafe teahouse on the ground floor and an MNC tenant on the upper floor. A simple Google search states that the teahouse is Hvala.
The shophouse is situated between the Duxton Hill and Keong Saik F&B enclave, and is surrounded by restaurants and hipster cafes such as Ma Cuisine, Shake Shake and Birds of Paradise.
It also enjoys excellent connectivity, with the shophouse within a five-minute walking distance from Tanjong Pagar MRT, Outram Park MRT and the upcoming Maxwell MRT.
Yap Hui Yee, Senior Director, Investment Sales & Capital Markets at Savills Singapore, said, “This is a rare opportunity for buyers to purchase a conservation shophouse, especially one located within Singapore’s most popular F&B enclaves.
“Primely located near the junction of Neil Road and Craig Road, the immediate vicinity is undergoing revitalisation efforts with the upcoming Mondrian Singapore Duxton Hotel complete with rooftop bar and pool, restaurant, and lounge. The asset is expected to benefit from the influx of international tourists seeking to immerse themselves in this historic conservation area.”
As it is a commercial property, foreigners and companies can purchase the shophouse without paying the Additional Buyer’s Stamp Duty (ABSD), which currently stands at 30% for foreigners and 35% for companies.
The sale will be conducted through an Expression of Interest exercise, which will close on Wednesday 31 August at 3pm.
Would you consider buying a conservation shophouse? Let us know in the comments section below.
If you found this article helpful, 99.co recommends Euro-Asia Apartments at Serangoon Road sold for S$222.18 million and New record set for Suntec City entire floor sale at S$38.8 mil.
About Virginia Tanggono
Virginia covers the property news in Singapore, from record sales to profile stories on home ownership. In her free time, she occasionally searches for spoilers of movies and TV shows.
Looking to sell your property?
Whether your HDB apartment is reaching the end of its Minimum Occupation Period (MOP) or your condo has crossed its Seller Stamp Duty (SSD) window, it is always good to know how much you can potentially gain if you were to list and sell your property. Not only that, you’ll also need to know whether your gains would allow you to right-size to the dream home in the neighbourhood you and your family have been eyeing.
One easy way is to send us a request for a credible and trusted property consultant to reach out to you.
Alternatively, you can jump onto 99.co’s Property Value Tool to get an estimate for free.
If you’re looking for your dream home, be it as a first-time or seasoned homebuyer or seller – say, to upgrade or right-size – you will find it on Singapore’s fastest-growing property portal 99.co.
Meanwhile, if you have an interesting property-related story to share with us, drop us a message here — and we’ll review it and get back to you.
Join our social media communities!
Facebook | Instagram | TikTok | Telegram | YouTube | Twitter
Leave a comment