Pair of two-storey conservation shophouses along Duxton Road, facing the Six Senses Duxton up for sale
With an indicative price in the region of $11 million
SINGAPORE, 30th September 2019 – JLL, as the exclusive marketing agent, is proud to present for sale 39 & 40 Duxton Road - a pair of two-storey conservation shophouses nestled in the exclusive Duxton Hill enclave of Tanjong Pagar.
Under the Draft Master Plan 2019, the site is zoned “Commercial” and is located within the Tanjong Pagar Conservation Area. The shophouses have a combined land area of 2,161 sf and an estimated built-up area of 3,929 sf. The property is fully leased and is currently used as a nightclub on the ground floor and offices on the upper floor.
The property is in close proximity to Tanjong Pagar MRT Station (550-metres) and the upcoming Maxwell MRT Station (350-metres), which is slated to open in 2021.
Tanjong Pagar is one of Singapore’s trendiest locales, characterised by its myriad of popular F&B, exclusive retail and dynamic lifestyle offerings. Hailed as a food haven, Tanjong Pagar is home to several highly acclaimed F&B concepts, including four Michelin Star Restaurants and 11 Michelin Bib Gourmand recommended eateries. Michelin Star restaurants in the area include Meta, Rhubarb, Ma Cuisine and Burnt Ends.
As part of the URA’s urban renewal efforts, the area is currently undergoing robust growth and rejuvenation. New developments including Tanjong Pagar Centre, the new Maxwell Chambers and Frasers Tower, will bring growth to the area and further cement the locale as a key commercial and lifestyle hub.
Mr. Clemence Lee, Senior Director, Capital Markets, JLL, said: “39 & 40 Duxton Road presents an excellent opportunity for investors to acquire an asset in the highly sought-after Duxton Hill locale. Its multitude of offerings from fine dining restaurants, bustling bars, trendy retail boutiques to upscale fitness gyms and studios makes for a captivating and popular go-to spot for both visitors and locals. Furthermore, the recent opening of the six star boutique hotel, Six Senses Duxton, which is located just opposite the subject property has channelled further buzz to the area.
With 39 & 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.”
The guide price for the Property is $11 million reflecting $2,800 psf on estimated GFA.
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) payable for the purchase of the property.
39 & 40 Duxton Road is for sale via an Expression of Interest exercise that closes on Wednesday, 6th November 2019 at 3pm.
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of nearly 92,000 as of June 30, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com