Two-storey conservation shophouse at 45 Duxton Road (Photo: Huttons Asia)
A conservation shophouse at 45 Duxton Road is on the market for sale at a guide price of $9.8 million. The property is located within the Tanjong Pagar conservation area and is within walking distance of the Tanjong Pagar and Maxwell Road MRT stations.
The two-storey shophouse has a site footprint of 980 sq ft and a built-up area of 16,36 sq ft. It has a 99-year lease from 1988, with a balance lease of 64 years.
Zoned commercial under the URA Master Plan, the property also has URA approval for use as a nightclub on the first and second levels, "which gives the owner the ability to ask for higher rents and potentially achieve better returns," says Jennifer Tan, associate district director of Huttons Asia, the marketing agent for the shophouse.
Since the conservation shophouse is zoned 'commercial', it is not affected by the recent control measures on foreigners buying land zoned for commercial and residential use, says Lee Sze Teck, senior director of data analytics at Huttons Asia.
Tan sees conservation shophouses in prime locations continue to be sought-after by high-net-worth individuals. The property is for sale by expression of interest, which will close on Oct 4, 2023.