Two Storey Conservation Shophouse Craig Road Sale 1025 Mil
A conservation shophouse on Craig Road is now up for grabs, with a guide price of $10.25 million through an expression of interest (EOI). The two-storey property is located in the Chinatown-Tanjong Pagar conservation area in District 2, and occupies a land area of approximately 1,558 sq ft with a total floor area of 2,915 sq ft. This translates to a land rate of $6,579 psf.
JLL, the exclusive marketing agent for the property, reveals that the shophouse is currently tenanted with a hair salon occupying the ground floor, while the upper floor serves as an office space. According to senior director of capital markets at JLL, Terry Wong, the property also boasts rear access to Duxton Plain Park, offering tenants the opportunity to create a separate entrance or shop frontage.
“This is a rare chance to own a piece of Singapore’s heritage in a prime location, with only 30 conservation shophouses on Craig Road,” says Wong.
The agency also notes the growing popularity of heritage shophouses among luxury brands, which highlights the area’s diverse commercial scene and increasing appeal. Examples include Coach’s 4,000 sq ft multi-level retail space on Keong Saik Road, and Dior’s café pop-up in a three-storey shophouse on Jiak Chuan Road.
The property is conveniently located within walking distance of Maxwell MRT Station and is surrounded by various F&B options, such as cafes, boutique offices, Michelin-starred restaurants, and eateries. JLL points out that the area, coupled with modern workspaces like The Working Capitol, is likely to attract both potential investors and end-users due to the consistent foot traffic.
The wider precinct has undergone significant transformation following the addition of Mondrian Singapore Duxton Hotel and Keppel South Central, a 33-storey Grade-A commercial development completed earlier this year. Upcoming mixed-use projects such as One Bernam, TMW Maxwell, and Newport Plaza and Residences are expected to bring in close to 1,000 residential units to the area.
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“This property is poised to draw interest from a wide range of investors and end-users, including high-net-worth individuals, boutique funds, and business owners looking to capitalize on the precinct’s rapid growth,” adds Wong.
The property is zoned as a commercial building, which means it is not subject to additional buyer’s stamp duty (ABSD) and seller’s stamp duty (SSD). The EOI exercise will close on May 6 at 3pm.