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Pair of shophouses on Duxton Road on the market for $11 mil

/ EdgeProp Singapore |

September 30, 2019 5:03 PM SGT

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SINGAPORE (EDGEPROP) - A pair of two-storey conservation shophouses at 39 & 40 Duxton Road has been put up for sale for about $11 million, and the price translates to about $2,800 psf on gross floor area. The sale will be conducted through an expression of interest (EOI) exercise by JLL, the exclusive marketing agent for the shophouses.

The properties are in the Duxton Hill enclave within the Tanjong Pagar Conservation Area. The shophouses have an estimated built-up area of 3,929 sq ft, and sit on a 2,161 sq ft plot which has a 99-year leasehold tenure from 1988. The site is also zoned for commercial use under the 2019 Draft Master Plan. The ground-floor areas are leased to a nightclub, while offices occupy the top floor.

The shophouses at 39 & 40 Duxton Road. The ground-floor areas are leased to a nightclub, while offices occupy the top floor. (Picture: JLL)

New developments such as Tanjong Pagar Centre, Frasers Tower, and the renovated Maxwell Chambers have helped cement the area as a key commercial and lifestyle hub. The recent opening of a six-star boutique hotel, Six Senses Duxton, which is located just opposite the two shophouses, has channelled further buzz to the area, says Clemence Lee, senior director of capital markets at JLL.

The Tanjong Pagar area also has a range of F&B, retail, and lifestyle offerings. Several Michelin-starred restaurants and Michelin Bib Gourmand recommended eateries can be found nearby, such as Meta, Rhubarb, Ma Cuisine, and Burnt Ends. The pair of shophouses is also close to Tanjong Pagar MRT Station, and the upcoming Maxwell station on the Thomson-East Coast Line. That section of the line is slated to open in 2021.

“[The sale of] 39 & 40 Duxton Road presents an excellent opportunity for investors to acquire an asset in the highly sought-after Duxton Hill locale,” says Lee. With its location and attributes such as the rare nightclub approval, stable rental income and efficient layouts, he expects the property to receive “good interest” from both investors and end-users.

The EOI exercise will close on Nov 6.

For price trends, recent transactions, other project info, check out the Duxton Road project research page

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