2 Duxton Hill shophouses put on the market

Meant to be sold as a pair, 39 and 40 Duxton Road are zoned for commercial use; the guide price is S$11m or S$2,800 psf

Tue, Oct 01, 2019

TWO double-storey conservation shophouses in Duxton Hill in Tanjong Pagar has been launched for sale with an S$11 million guide price, marketing agent JLL announced on Monday.

The indicative price works out to about S$2,800 per square foot on the estimated gross floor area. Located at 39 and 40 Duxton Road, the shophouses have a combined land area of 2,161 sq ft, and an estimated built-up area of 3,929 sq ft. The property is fully leased with a nightclub on the ground floor and offices on the upper floor.

Under the Draft Master Plan 2019 of the Urban Redevelopment Authority (URA), the site is zoned "commercial" and sits within the Tanjong Pagar conservation area. It is about 550m from Tanjong Pagar MRT station, and near the upcoming Maxwell MRT station, which is slated to open in 2021.

Clemence Lee, senior director of capital markets at JLL, said the two shophouses present an excellent opportunity for investors to acquire an asset in the highly sought-after Duxton Hill locale. The fine-dining restaurants, bustling bars, trendy retail boutiques and upscale fitness gyms and studios have made the neighbourhood a popular go-to spot for both visitors and locals.

"Furthermore, the recent opening of the six-star boutique hotel, Six Senses Duxton, located just opposite the subject property, has also channelled buzz to the area. With 39 and 40 Duxton Road's excellent location and attributes, such as its rare nightclub approval, stable rental income and efficient layouts, we expect to receive good interest from both investors and end-users."

Under the URA's urban-renewal efforts, the Tanjong Pagar area is now undergoing rejuvenation. New developments including Tanjong Pagar Centre, the new Maxwell Chambers and Frasers Tower will bring growth to the area, and cement the locale as a key commercial and lifestyle hub, JLL said.

As the property sits on land zoned for commercial use, foreigners are eligible to purchase the property. There is no additional buyer's stamp duty or seller's stamp duty payable for this purchase, JLL added.

Asked whether the shophouses may be sold separately, Mr Lee said on Monday that they are meant to be sold only as a pair. The expression of interest exercise for 39 and 40 Duxton Road closes at 3pm on Nov 6.