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Indicative price in the region of $28 million
SINGAPORE, 16 November 2016 – JLL, as the exclusive marketing agent, is inviting offers through an Expression of Interest exercise for the purchase of 73 & 75 Neil Road, a pair of three-storey conservation shophouses with exclusive courtyard nestled within the vibrant Tanjong Pagar area.
Prominently located along Neil Road, the property enjoys excellent main road frontage and excellent visibility. The subject property sits on a combined land area of approximately 4,439 sq ft and has a total area of approximately 12,128 sq ft inclusive of the private front courtyard. It has dual access via both Neil Road and Duxton Hill. Under the 2014 Master Plan, the site is zoned "Commercial" under the Chinatown (Tanjong Pagar) Historic District Conservation Area. The property is currently partially owner-occupied and partially tenanted to other office tenants.
The offering is located about 450 metres from Outram Park MRT station and about 150 metres from the future Maxwell MRT station. It is also readily accessible to public transportation along Neil Road. Located within the Central Business District (CBD), the property is easily accessible to other parts of Singapore via the Marina Coastal Expressway (MCE), Ayer Rajah Expressway (AYE) and Central Expressway (CTE).
The Tanjong Pagar area received conservation status on 7 July 1989 and is today a vibrant F&B, entertainment and lifestyle destination popular amongst locals, expats and tourists. The subject property, being strategically located in-between Duxton Hill and Keong Saik Road, enjoys close proximity to renowned establishments in the area including elegant boutique hotels such as New Majestic Hotel, Naumi Liora Hotel; highly acclaimed restaurants such as Restaurant Andre, Etna Italian Ristorante, Pince & Pints, Latteria Mozzarella and Binomio; fancy cafes such as Potato Head Folk, The Lokal, The Populus Coffee & Food Co. and Mad About Sucre; exquisite cocktail bars such as Lucha Loco, Tippling Club and Praelum Wine; and collaborative working spaces such as The Working Capitol and The Co.
The Tanjong Pagar precinct is currently undergoing rejuvenation. Leading the rejuvenation is Tanjong Pagar Centre, an iconic 1.7 million sq ft integrated development consisting of a Grade A office building, food and lifestyle mall, 5-star hotel and a luxurious residential development. Other new mixed-use developments in the area includes PS100, Frasers Towers, SBF Centre and OUE Downtown. The precinct is also the gateway to the future Greater Southern Waterfront. Outlined under the URA's 2014 Master Plan, the relocation of the ports and terminals along the southern coastline will free up 1,000 hectares of land potentially for the development of office developments, retail malls, high-end residential towers, hotels, public spaces and a waterfront promenade.
Mr Clemence Lee, Senior Manager, Capital Markets, JLL said: "Being strategically situated in the heart of Tanjong Pagar, 73 & 75 Neil Road present the new owner with a rare opportunity to claim a stake in this exciting F&B and lifestyle destination. The new owner can also expect to enjoy capital and rental upside from the spill over of commercial activities and the gradual transformation of the area in the mid to long term. We anticipate strong interest from investors such as boutique real estate funds, family offices and high-net-worth individuals (HNWIs)."
"Owner-occupiers who are looking to own a boutique office building can consider doing internal refurbishment works to the property to modernize it. For example, Singapore Institute of Architects, which owns the neighbouring 79 & 81 Neil Road, have managed to amalgamate both shophouses to create a larger and more efficient layout for each floor. The property has also been fully retrofitted with brand new integrated ceiling boards, lightings, air-conditioning and a lift. The result is a modern contemporary office layout exquisitely blended with a heritage property."
"Alternatively, the ground floor space at 73 & 75 Neil Road can potentially be converted to an F&B restaurant with a beautiful outdoor sitting area to complement surrounding F&B scene, subject to approval from the relevant authorities. Ground floor spaces with an exclusive front courtyard or outdoor refreshment areas (ORA) are becoming increasing popular amongst restaurants and cafes who are looking to provide an alternative drinking and dining experience to their customers. The dual access to the unit via both Duxton Hill and Neil Road is also an added benefit for potential F&B operators." he added.
Recent prominent transactions in the vicinity include 4 Craig Road which sold for $10.8 million ($2,300 psf) in November 2016, 11 & 13 Bukit Pasoh Road which sold for $25 million ($2,940 psf) in September 2016, 15 to 21 Tanjong Pagar Road which sold for $57.4 million ($2,166 psf) in April 2016, 7 Craig Road which sold for $12.5 million ($2,445 psf) in December 2015 and 40 & 41 Duxton Hill which sold for $19.6 million ($2,200 psf) in August 2015.
The indicative guide price for 73 & 75 Neil Road is in the region of $28 million, which reflects about $2,308 psf on the existing area.
As the property sits on land zoned for commercial use, foreigners are eligible to purchase the property. There is also no Additional Buyer's Stamp Duty (ABSD) or Seller's Stamp Duty (SSD) imposed on the purchase of the property.
The Expression of Interest exercise closes on Thursday, 15 December 2016 at 3pm.
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Note to editors:
1. A high resolution of 73 & 75 Neil Road is available here.
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