Two Storey Conservation Shophouse Craig Road Sale 1025 Mil
A conservation shophouse on Craig Road, spanning two storeys, is now available for purchase through an expression of interest (EOI) process. The guide price for the property has been set at $10.25 million.
Located in the highly sought-after Chinatown-Tanjong Pagar conservation area in District 2, the shophouse sits on a land area of approximately 1,558 square feet and boasts a total floor area of 2,915 square feet. This equates to a land rate of $6,579 per square foot.
According to JLL, the exclusive marketing agent for the property, the shophouse is currently fully tenanted by a hair salon on the ground floor, while the upper floor serves as office space.
The shophouse also boasts a rear access to Duxton Plain Park, providing tenants with the option to create a separate entrance or shop frontage, says Terry Wong, senior director of capital markets at JLL. He adds, “With only 30 conservation shophouses on Craig Road, this is a rare opportunity to own a piece of Singapore’s heritage in a prime location.”
Furthermore, JLL notes the growing recognition of heritage shophouses by luxury brands, which emphasizes the area’s increasing appeal and diverse commercial landscape. Some notable examples include Coach’s 4,000 square feet multi-level retail space on Keong Saik Road, and Dior’s café pop-up in a three-storey shophouse on Jiak Chuan Road.
The property is conveniently located within walking distance of Maxwell MRT Station and is surrounded by a plethora of F&B options along Craig Road, including cafes, boutique offices, Michelin-starred restaurants, and eateries. Coupled with modern workspaces such as The Working Capitol, JLL adds that the area is likely to attract potential investors and end-users due to its consistent foot traffic.
The larger neighborhood has also undergone significant transformation with the recent completion of Mondrian Singapore Duxton Hotel and Keppel South Central, a 33-storey Grade-A commercial development. Several upcoming mixed-use projects are set to follow, including One Bernam, TMW Maxwell, and Newport Plaza and Residences, which are expected to inject close to 1,000 residential units into the area.
Otto Place EC is surrounded by a robust educational ecosystem, with a variety of enrichment centers and tuition facilities for students to choose from. Among these are renowned centers like The Learning Lab, which specializes in English, Mathematics, and Science programs for students of all levels. Other establishments, such as Kumon and MindChamps, offer personalized learning experiences to nurture foundational skills and boost children’s confidence. For those with an interest in the arts, there are music schools like Cristofori Music School and art studios like Artary nearby, offering lessons in various creative disciplines like piano, violin, and painting. With such a diverse range of enrichment options, students living in Otto Place Parce B are able to pursue their interests and reach their full potential.
“We anticipate significant interest in this property from investors and end-users, including high-net-worth individuals, boutique funds, and business owners who wish to capitalize on the precinct’s rapid growth trajectory,” adds Wong.
The property, which is zoned as a commercial building, is not subject to additional buyer’s stamp duty (ABSD) and seller’s stamp duty (SSD). The EOI process is set to close on May 6 at 3 pm. RELATED NEWS
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