%20(1).png?CNh0sN7..4DkjbW.xGv_7O8TpA98Ym4c&itok=vm8gtW4c "The property sits on a land area of approximately 1,558 sq ft and a total floor area of 2,915 sq ft, reflecting a land rate of $6,579 psf (Photo: JLL)")
A two-storey conservation shophouse on Craig Road has been put up for sale via an expression of interest (EOI) with a guide price of $10.25 million.
Located in the Chinatown-Tanjong Pagar conservation area in District 2, the property sits on a land area of approximately 1,558 sq ft and a total floor area of 2,915 sq ft. This reflects a land rate of $6,579 psf.
According to JLL, the exclusive marketing agent for the property, the shophouse is currently fully leased with a hair salon operator occupying the ground floor. Meanwhile, the upper floor of the property serves as an office space.
The property also features rear access to Duxton Plain Park, allowing for tenants to create a separate entrance or shop frontage, says Terry Wong, senior director of capital markets at JLL.
“With just 30 conservation shophouses on Craig Road, this is a rare opportunity to acquire a piece of Singapore’s heritage in a prime location,” he adds.
Additionally, the agency notes the increasing recognition of heritage shophouses by luxury brands, which underscores the “area’s growing appeal and diverse commercial landscape”. Notable examples include Coach’s 4,000 sq ft 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 located within walking distance of Maxwell MRT Station and is close to various 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 could attract potential investors and end-users alike due to its consistent foot traffic.
The wider precinct has undergone significant transformation following the recent additions of Mondrian Singapore Duxton Hotel and Keppel South Central, a 33-storey Grade-A commercial development completed earlier this year. Upcoming mixed-use projects are expected to follow including One Bernam, TMW Maxwell, and Newport Plaza and Residences which are collectively set to inject close to 1,000 residential units into the area.
“Given these developments, we expect this property to attract significant interest from investors and end-users, including high-net-worth individuals, boutique funds, and business owners who wish to capitalise on the precinct’s exponential growth trajectory,” adds Wong.
Zoned as a commercial building, the property will not be subject to additional buyer’s stamp duty (ABSD) and seller’s stamp duty (SSD).
The EOI exercise is expected to close on May 6 at 3pm.
