Pair of Duxton Hill shophouses up for sale – S$11m guide price
A PAIR of two-storey conservation shophouses in Duxton Hill, Tanjong Pagar has been launched for sale with an S$11 million guide price, marketing agent JLL announced on Monday.
The indicative price works out to about S$2,800 per square foot on the estimated gross floor area. Located on 39 and 40 Duxton Road, the shophouses have a combined land area of 2,161 sq ft, and an estimated built-up area of 3,929 sq ft.
The property is fully leased with a nightclub on the ground floor and offices on the upper floor.
Under the Urban Redevelopment Authority’s (URA) Draft Master Plan 2019, the site is zoned “commercial” and situated within the Tanjong Pagar conservation area. It is also about 550 metres from Tanjong Pagar MRT station, and near the upcoming Maxwell MRT Station, which is slated to open in 2021.
Clemence Lee, senior director of capital markets at JLL, said: “39 and 40 Duxton Road presents an excellent opportunity for investors to acquire an asset in the highly sought-after Duxton Hill locale. Its multitude of offerings from fine dining restaurants, bustling bars, trendy retail boutiques to upscale fitness gyms and studios makes for a captivating and popular go-to spot for both visitors and locals.
“Furthermore, the recent opening of the six star boutique hotel, Six Senses Duxton, which is located just opposite the subject property has channelled further buzz to the area. With 39 and 40 Duxton Road’s excellent location and attributes, such as its rare nightclub approval, stable rental income and efficient layouts, we expect to receive good interest from both investors and end-users.”
As part of the URA’s urban renewal efforts, the Tanjong Pagar area is undergoing rejuvenation. New developments including Tanjong Pagar Centre, the new Maxwell Chambers and Frasers Tower will bring growth to the area and further cement the locale as a key commercial and lifestyle hub, JLL said.
As the property sits on land zoned for commercial use, foreigners are eligible to purchase the property. There is also no additional buyer’s stamp duty or seller’s stamp duty (SSD) payable for the purchase of the property, JLL noted.
The expression of interest exercise for 39 and 40 Duxton Road will close at 3pm on Nov 6.
The Business Times, 30 Sep 2019