Neil Road shophouse up for sale with S$16.2m guide price

Jan 12, 2022

A 3-STOREY conservation shophouse located along Neil Road has been put up for sale via an expression of interest exercise with a guide price of S$16.2 million, exclusive marketing agent JLL said on Wednesday (Jan 12).

The property, located at 51 Neil Road in District 2, occupies a land area of about 1,883 square feet (sq ft) and has an existing built-up area of approximately 6,000 sq ft.

Its guide price of $16.2 million reflects $2,700 per square foot on the approximate built-up area.

According to the Urban Redevelopment Authority's Master Plan 2019, the site is zoned for commercial use and is located within the Tanjong Pagar conservation area.

Foreigners are eligible to purchase the property, and the sale will not incur additional buyer's stamp duty or seller's stamp duty.

The shophouse has food and beverage (F&B) approval and is fully tenanted, with the first and second storey currently leased to a modern izakaya restaurant and bar. An office tenant occupies the third storey and attic.

Located close to the junctions of Kreta Ayer Road and Teck Lim Road, 51 Neil Road is positioned between the Keong Saik and Duxton Hill enclaves, which contain a number of upscale F&B and lifestyle establishments.

It is also conveniently located within walking distance of the central business district, as well as Outram Park and Tanjong Pagar MRT stations.

Kate Leong, director of JLL Capital Markets, said the shophouse occupies a strategic location in the Tanjong Pagar precinct, which is set to benefit from further rejuvenation and transformation.

A key highlight would be the upcoming Maxwell MRT station positioned adjacently across the property that is slated to be completed this year, which will enhance accessibility and bring significant footfall to the immediate area, she added.

"These excellent attributes add up to an outstanding investment opportunity where the incoming buyer can anticipate strong potential capital and rental upsides to the property."

2021 was a record year for commercial shophouses in Singapore, with more than 200 units worth over S$1.5 billion in transaction changing hands, according to JLL.

The agent expects strong demand for shophouses to continue in 2022. Demand will be supported by the improving economic outlook, growing confidence of both local and foreign buyers in Singapore's real estate market, and the recent new property cooling measures implemented on the residential sector, it said.

The expression of interest exercise for 51 Neil Road closes on Feb 22 at 3 pm.