Pair of adjoining conservation shophouses at Neil Road up for sale

Published Thu, May 6, 2021 · 02:41 PM

TWO adjoining three-storey conservation shophouses at 73 and 75 Neil Road have been put up for sale via expression of interest with a collective guide price of S$30 million, said exclusive marketing agent CBRE on Thursday.

Sitting on a land plot of about 4,439 square feet (sq ft), the pair has a total gross floor area of 11,128 sq ft, a courtyard of 825 sq ft, and a main road frontage of about 11 metres. This amounts to about S$2,510 per square foot on the floor area.

The site - within the Chinatown (Tanjong Pagar) conservation area - is zoned for commercial use, which means foreigners are eligible to purchase the property.

According to CBRE's senior director of capital markets, Singapore, Clemence Lee, the area is known as a dining and lifestyle hub and will become "more vibrant" with the completion of the nearby Maxwell MRT Station next year and the opening of Mondrian Singapore hotel in 2023.

"Owners of shophouses in the locale can expect to enjoy capital and rental upside in the mid to long term," said Mr Lee.

The property is currently fully leased, mainly to office tenants, but the real estate company added that buyers can take advantage of its surrounding bustle and turn it into a restaurant or fitness studio, subject to approval from the relevant authorities.