Ravi Chandran
Pair of two-storey Duxton Road conservation shophouses facing the Six Senses Duxton up for sale with an indicative price in the region of $11 million
JLL, as the exclusive marketing agent, is proud to present for sale 39 & 40 Duxton Road – a pair of two-storey conservation shophouses nestled in the exclusive Duxton Hill enclave of Tanjong Pagar.
Under the Draft Master Plan 2019, the Duxton Road conservation shophouses is zoned “Commercial” and is located within the Tanjong Pagar Conservation Area. The shophouses have a combined land area of 2,161 sf and an estimated built-up area of 3,929 sf. The property is fully leased and is currently used as a nightclub on the ground floor and offices on the upper floor.
The Duxton Road conservation shophouses are in close proximity to Tanjong Pagar MRT Station (550-metres) and the upcoming Maxwell MRT Station (350-metres), which is slated to open in 2021.
Tanjong Pagar is one of Singapore’s trendiest locales, characterised by its myriad of popular F&B, exclusive retail and dynamic lifestyle offerings. Hailed as a food haven, Tanjong Pagar is home to several highly acclaimed F&B concepts, including four Michelin Star Restaurants and 11 Michelin Bib Gourmand recommended eateries. Michelin Star restaurants in the area include Meta, Rhubarb, Ma Cuisine and Burnt Ends.
As part of the URA’s urban renewal efforts, the area is currently undergoing robust growth and 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.
Mr Clemence Lee, Senior Director, Capital Markets, JLL, said: “39 & 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 & 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.”
The guide price for the Duxton Road conservation shophouses are $11 million reflecting $2,800 psf on estimated GFA.
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As the Duxton Road conservation shophouses sit on land zoned for commercial use, foreigners are eligible to purchase the property. There is also no Additional Buyer’s Stamp Duty (ABSD) or Seller’s Stamp Duty (SSD) payable for the purchase of the property.
39 & 40 Duxton Road is for sale via an Expression of Interest exercise that closes on Wednesday, 6th November 2019 at 3pm.
Mr Paul Ho, chief mortgage officer at iCompareLoan, said, “the location of the Duxton Road conservation shophouses makes it an attractive buy. From fine dining restaurants, bustling bars, trendy retail boutiques to upscale fitness gyms and studios, everything is within stone’s throw from the shophouses.”
Mr Ho added, “the six star boutique hotel, Six Senses Duxton, which is located just opposite the subject property, will also make the property an attractive buy.”
The property is located within the heart of Kampong Glam historic district – once Singapore’s traditional Malay enclave that has been transformed into today’s bustling hub offering a diverse mix of cultural, entertainment, F&B and lifestyle attractions frequented by both locals and tourists. The 5 freehold conservation shophouses is expected to garner keen interest from savvy investors with a medium-to-long-term investment horizon who are seeking to benefit from future rental upside and capital appreciation, in addition to enjoying immediate rental income.
The biggest gainers following the 2018 property cooling measures is likely be owners of strata portfolio of offices and shophouses approved for commercial use. The property cooling measures affected almost all categories of buyers and is predicted to achieve its intended objectives of cooling demand and moderating price growth.
One report said investors looking for alternatives to park their money in the wake of property cooling measures, would divert their attention to the strata office and shophouse markets as they are not subjected to this round of purchase or sales restrictions/encumbrances.
Mr Ho said, “shophouses are perceived as attractive investments because they can hold their values because of their central locations and the freehold/999-year-leasehold of many of these properties. Shophouses are also valued because they give prominent presence to a business entity for them to be visible in a highly competitive environment.”
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