Four-storey amalgamated shophouses at Duxton Road on sale for $55 million
Grand Dunman being the only mega residential development is slated to launch this weekend. Buyers are flocking in to the sales gallery to realize their wish of owning a piece of property in the most sought after District 15 east coast precinct.
Grand Dunman condo comprises of 1008 units with various layout which will suits with all buyer category – from singles and families to opportunistic investors.
three shophouses which are recently combined in a single title at Tanjong Pagar are put up for sale in the market for a whopping $55 million by way of expression of interest from keen buyers. the four-and-a-half-storey conservation shophouses Located on a corner plot, sit on a 4,160 sq ft site zoned “commercial” under the 2K19 Urban Planning.
The charming and handsome Tanjong Pagar conservation shophouses have a leasehold of 99 years and tenure from 1989. Hence, they have remaining lease of 65 years. Cushman & Wakefield is the appointed managing agent for the commercial properties, which will be sold by closed-door tendering exercise that will cease on July 20.
The commercial shops undergo a ultra extensive and thorough renovation in 2K13 that saw the addition of new engineering fixtures and electrical structures, the installation of an internal lift and new specifications. Over the previous few years, the external walls have been repainted. The lift has also been well maintained and serviced.
Not far away from three subway stations: the Tanjong Pagar MRT station on the East-West Line, the Maxwell MRT station on the Thomson-East Coast Line and the Outram MRT interchange station (for the East-West, North-East and Thomson-East Coast Lines), the Tanjong Pagar shophouses are well-connected.
The cool and hippy food choices and cultural scene of The Duxton Road neighbourhood is characterised by and the area is also a famous locale for tourists and business travellers given its easy access to the central business district, civic district, transportation, and luxurious F&B establishments.
He adds: “It is definitely not easy to locate a corner commercial shop in the Duxton Road/Tanjong Pagar area that is strategically located and nicely kept in pristine condition” He adds that there are not many of such corner shophouses in the area.
The combination of shophouses that Cushman & Wakefield is selling have received several offers from keen parties over the past few years. Together with the strong demand for such assets and the lull in transaction volume, the owner feels this is the right time to see the factual value of the property after raking in strong rental income over the the last decade.
There are several highly credential hotels such as Amara Singapore, Carlton City, Oasia Hotel Downtown, Sofitel Singapore City Centre, Maxwell Reserve and Duxton Reserve. The launch of the first Mondrian-branded hotel in Southeast Asia at 16A Duxton Hill will further enhance the value of the locale’s hospitality offerings and desirability.
As the shophouses occupy a corner lot on Duxton Road, the south-facing wall of the shophouse is visible from Craig Road and Duxton Road. “This is an opportunity to turn it into a striking feature wall with street art or advertising,” says Poh. “It is a testament to one property portfolio to create a statement piece for the neighbourhood or a potential advertising revenue stream.”
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