The three-storey shophouses along 73 and 75 Neil Road have a total gross floor area of around 11,128 sq ft and an 825 sq ft front courtyard. Source: Google Maps
A pair of adjoining three-storey conservation shophouses at 73 & 75 Neil Road has been put for sale via expression of interest (EOI).
Exclusive marketing agent CBRE noted that the shophouses are being sold together with an indicative guide price of $30 million, which works out to around $2,510 per sq ft (psf) on the total floor area.
The three-storey shophouses have a total gross floor area of around 11,128 sq ft and an 825 sq ft front courtyard. They occupy a 4,439 sq ft site zoned for “Commercial” use within the Chinatown (Tanjong Pagar) Conservation Area and are currently fully leased mainly to office tenants.
This means foreigners can acquire the shophouses with no Additional Buyer’s Stamp Duty (ABSD) or Seller’s Stamp Duty (SSD) payable.
Known for being a vibrant dining and lifestyle enclave, the area is expected “to be even more vibrant with the completion of the Maxwell MRT Station in 2022 and the upcoming Mondrian Singapore – a 300-key luxury lifestyle hotel jointly developed by Craig Road Property Holdings and Accor, which is set to open doors in 2023”, said Clemence Lee, Senior Director, Capital Markets, Singapore at CBRE.
“Consequently, owners of shophouses in the locale can expect to enjoy capital and rental upside in the mid to long term.”
He noted that the buyer could explore “changing the usage of the property into a restaurant or fitness studio to complement the multitude of offerings in the surrounding, subject to approval from the relevant authorities”.
“Should F&B use be allowed, there is also the potential to utilize the existing front courtyard as an Outdoor Refreshment Area,” he added.
Located near Outram Park and Tanjong Pagar MRT stations, the shophouses are also accessible via Singapore via Ayer Rajah Expressway, Marina Coastal Expressway and Central Expressway.
The EOI exercise for the shophouses closes on 10 June 2021.
Cheryl Chiew, Digital Content Specialist at PropertyGuru, edited this story. To contact her about this story, email: email@example.com