Three conservation shophouses along Craig Road for sale with S$36m guide price

THREE corner conservation shophouses with private courtyards, located at the junction of Craig Road and Duxton Road, are up for sale by expression of interest with a guide price of S$36 million, exclusive marketing agent Savills Singapore said on Wednesday.

This translates to approximately S$2,936 per square foot on the floor area, it added.

The adjoining shophouses, located at No 8, 9 and 10 Craig Road, sit on a combined land area of approximately 5,948 square feet (sq ft), with an estimated total built-up area of about 12,260 sq ft.

The land is zoned for commercial use, and the development boasts a 55 metre-wide dual road frontage along Craig Road and Duxton Road.

The property's ground floor units are leased to food and beverage (F&B) operators, while the upper floors' tenants are diversified multinational corporations, Savills Singapore said.

The marketing agent added that the shophouses, which were refurbished in 2018, have a "distinctive" facade and "rich" architectural heritage. Each floor has a column-free, regular layout with a "generous" ceiling height and an en-suite washroom.

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Savills Singapore director of investment sales & capital markets Yap Hui Yee noted that shophouses with courtyards are "far and few between" and "hardly ever on the market".

She added that contiguous and adjoining shophouses are often sought after, "as purchasers can be creative in the restoring of the space by leveraging on the larger floor plates", giving them the flexibility to explore a potential change of use.

Alternatively, the property represents an opportunity for owner-occupiers to acquire a flagship property in the central business district, with potential naming and signage rights, for their own operations, Ms Yap said.

Craig Road, which is located within the Duxton Hill/Keong Saik F&B enclave, is a dining and lifestyle destination popular with locals and expats living in nearby developments such as Guoco Tower and The Pinnacle at Duxton, Savills Singapore said.

Popular establishments in the vicinity of Craig Road include co-working space The Working Capitol, American burger joint Shake Shack, and an upcoming mixed-use development on the former Chinatown Plaza site, the agent added.

Foreigners and companies are eligible to purchase the properties. There is no additional buyer's stamp duty or seller's stamp duty imposed on the purchase.

The expression of interest exercise closes on Oct 15 at 3pm.