Conservation shophouse at 4 Craig Road for sale at $15.68 mil
The three-storey conservation shophouse on 4 Craig Road has been put up for sale (Photo: CBRE)
A three-storey conservation shophouse on Craig Road is up for sale by expression of interest (EOI). CBRE is the marketing agent. The shophouse sits on a land area of 1,654 sq ft with a 99-year lease from 1988, with a floor area of 4,900 sq ft.
The property sits within the Tanjong Pagar Conservation Area in the CBD, District 2 and was extensively refurbished in 2018 by TA.LE Architects. The unit has generous floor-to-ceiling height and an air well that maximises natural light. The ground floor has permanent approval for restaurant use and is currently leased to Daejim, a traditional Korean BBQ restaurant. The upper floors are leased as offices. Hence, the shophouse is fully leased, “which ensures stable and immediate rental income for the incoming investor”, says Clemence Lee, executive director of capital markets at CBRE.
The shophouse has a guide price of $15.68 million, or $3,200 psf based on floor area.
Based on caveats lodged, the shophouse at 4 Craig Road last changed hands in 2016 for $10.8 million.
According to CBRE’s Lee, there are only 30 shophouses along Craig Road. He expects interest from investors who value the scarcity of such heritage shophouses. The EOI exercise closes on April 17 at 3pm.
The four ground-floor shops at R66 Apartments collectively have a guide price of between $18.5 million and $19.5 million (Photo: Delasa)
Four strata-titled shops on the ground floor of residential development R66 Apartments on Rangoon Road in Farrer Park (District 8) have been put up for sale via an expression of interest (EOI) exercise.
The properties collectively have a guide price of between $18.5 million and $19.5 million. If bought individually, each shop will be priced from $3.78 million. Investment sales specialists and property consultancy Delasa have been appointed to market the property.
The four ground-floor shops occupy 947 sq ft to 1,819 sq ft and have a combined floor area of over 5,000 sq ft. This works out to a guide price of between $3,657 psf and $3,854 psf on the strata areas. They are currently fully leased by two restaurants and a 24-hour minimart, whose leases are expected to end in 2028.
Karamjit Singh, chief executive of Delasa, says that the upcoming completion of residential projects in the area may boost the value of shops. Among the projects slated to be completed by this year is the 407-unit condo Piccadilly Grand.
R66 Apartments comprises 34 freehold residential units and commercial space on its ground floor. It is situated across the street from Farrer Park MRT Station and Connexion — an integrated healthcare and hospitality complex on Farrer Park Station Road — and enjoys a prime location. The property is at a corner intersection and boasts frontage on Rangoon Road, Tessensohn Road and Race Course Road.
Read also: Three conservation shophouses at Little India for sale from $7.2 mil
The EOI exercise closes on April 30 at 2pm.