Tanjong Pagar shophouse up for sale at $12 million

A two-storey shophouse along Craig Road has been put up for sale with a guide price of $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 $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 per cent for foreigners and 35per cent for companies.

The sale will be conducted through an Expression of Interest exercise, which will close on Wednesday Aug 31 at 3pm.

Would you consider buying a conservation shophouse? Let us know in the comments section below.

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This article was first published in 99.co.