A pair of freehold conservation shophouses along Neil Road have been put up for sale via an expression of interest (EOI) at a guide price of $65 million, according to joint exclusive marketing agents Colliers and List Sotheby.
Located at 136 and 138 Neil Road, the four-storey commercial property occupies a total floor area of approximately 11,441 sq ft. The shophouses were designed by architectural firm Swan & Maclaren, featuring a “stripped Classical style”.
The commercial property includes a partially open upper level, which comprises a roof terrace.
Completed in 1926, the shophouses boast several features reminiscent of their historical value, says Colliers. This includes the facade with cantilevered bay windows and reinforced concrete balconies, a hallmark of the Bukit Pasoh conservation area.
In 2014, the property underwent restoration efforts, which included structural reinforcements, widened staircases and enhanced fire safety systems, which have been carefully integrated to preserve the integrity of the conserved facade.
The shophouses enjoy strong connectivity and are located within walking distance of the Outram Park, Maxwell, and Tanjong Pagar MRT stations. It is also close to several lifestyle and business hubs such as Keong Saik Road and Duxton Hill.
Given the limited availability of conservation shophouses in tightly held precincts such as Tanjong Pagar, the shophouses present an opportunity for long-term capital appreciation and stable rental yields, according to Colliers. “This offering is ideal for investors seeking a legacy-grade commercial asset in a prime city-fringe location that offers enduring character and value.”
The EOI exercise is expected to close on July 25.
