Savills Singapore, as the exclusive marketing agent, is proud to offer for sale a shophouse located along Craig Road – a 2-storey with attic, tastefully refurbished shophouse located at the junction of Neil Road and Craig Road.
The property is a two-storey conservation shophouse located within the buzzing Chinatown – Tanjong Pagar historic conservation area. It has a mezzanine level and an open terrace overlooking a park connector with serene views of lush greenery. The shophouse sits on a land area of approximately 1,581 sq ft, with an estimated floor area of 3,483 sq ft.
Zoned as “Commercial”, the Property comes with F&B approval on the ground floor and is approved for office use on the upper floor. Currently, it is fully tenanted and boasts strong tenant profiles with a popular Japanese Café Teahouse on the ground floor and a reputable MNC tenant on the upper floor.
Situated between the Duxton Hill and Keong Saik F&B enclave, the area is occupied by a bevy of renowned restaurants, stylish bars, and hipster cafes. Connectivity via public transport is one of the key selling points as the shophouse enjoys excellent accessibility with Tanjong Pagar MRT, Outram Park Interchange and Maxwell MRT station within a few minutes’ walk.
Popular establishments include Michelin-star French restaurant Ma Cuisine, Shake Shack, Birds of Paradise and a coworking space, The Working Capitol, available in the immediate vicinity. The property is just opposite the upcoming Mondrian Singapore Duxton, a luxury 300-room hotel development slated to open in 2023 and will be the first Mondrian Property to be opened by Accor. With the property being situated in one of Singapore’s most vibrant cultural districts and the upcoming commercial and hospitality developments in the area, greater footfall is expected which undoubtedly will have a positive spill over effect.
Ms. 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.”
The guide price is $12 million, which translates to approximately $3,445 per square foot on floor area. Foreigners and companies are eligible to purchase the properties and no Additional Buyer Stamp Duty (ABSD) or Seller’s Stamp Duty (SSD) will be imposed.
The sale will be conducted through an Expression of Interest exercise which closes on 31 August 2022, Wednesday, at 3pm.