On a recent Tuesday, hipster cafe Bearded Bella in Craig Road, that serves java, margarine bowls, brunch and desserts, is bustling. The al fresco dining room at the courtyard was nearly complete. Next door, the F&B sockets on the bottom floor of this shophouses in 9 and 10 Craig Road, specifically European restaurant Coucou and Sofi Cafe Pizza, were both occupied.
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Three weeks following the Covid-19″circuit breaker” finished, yoga studios, restaurants, cafés and pubs at the Tanjong Pagar conservation field are seeing audiences return. According to the Integrated Land Information Service (INLIS) documents, Harilela Group bought the 3 shophouses in 1992.
Another resort it possesses in Singapore is your Ambassador Transit Hotel in the passing transit lounge of Changi Airport. Besides Singapore, the team has an global portfolio of several 15 resorts in Bangkok, Hong Kong, London, Macau and Pattaya.
Harilela is currently seeking to market all 3 shophouses on Craig Road as a portfolio in a cost of $36 million, together with Savills Singapore as the exclusive advertising and marketing agency. Within the past 28 decades, the team has received unsolicited offers for its shophouses, states Yap Hui Yee, director of investment sales and capital markets in Savills Singapore. Therefore, the team has established the properties available by way of curiosity which will shut on Oct 15, 3pm.
Based on Yap, there’s growing interest from international buyers from Singapore commercial properties. These 3 shophouses sit inside the Tanjong Pagar conservation area from the CBD. They’ve a combined land area of 5,948 sq feet and built-up region of 12,260 sq ft. The 36 million cost translates into $2,936 psf according to built-up location. The shophouses have a 99-year rental from 1988, so that they have a remaining lease of 68 decades.
Such resources are sought after as buyers could be creative at restoring the inner spaces, together with three shophouses yielding bigger floor-plates, adds Yap. Situated in the intersection of Craig Road and also Duxton Road, the shophouses enjoy double frontage. The wall combined Duxton Road might be adorned with an art mural, notes Yap.
The region is quite lively, with lots of F&B outlets, hotels, office buildings and co-working spaces in the region. Additionally, there are homes in the region, such as Craig Place, a 58-unit boutique condo development, Pinnacle in Duxton, together with seven 50-storey towers comprising 1,848 units in addition to private condos from the Tanjong Pagar area, from luxury development Wallich Residence in Guoco Tower into the 646-unit Icon, the 360-unit Suites in Anson and the 280-unit Altez.
Concerning access, the shophouses on Craig Road are inside a five-minute stroll to Tanjong Pagar MRT station on the East-West Line along with the approaching Maxwell MRT Station on the Thomson-East Coast Line. It’s also a seven-minute stroll into Outram Park MRT Interchange Station.
The shophouses on Craig Road are now fully tenanted. Zoned for industrial usage, the ground floor units are accepted for F&B usage and rented to 2 cafés along with a restaurant. The top floors are leased as office area to some corporate management company, cyber security company and international consumer research bureau. The top floors may be used for offices, medical suites as well as childcare centers, subject to acceptance by authorities. The present monthly lease income is roughly $64,000, with varying expiry dates on the rentals.
The present office spaces on the top floors have regular design and therefore are column-free, with en suite washrooms and 24-hour security accessibility. Thus, the components are nicely lit.
The latest shophouse trade in the Tanjong Pagar Conservation Area was to get a two-storey shophouse in 50 Tanjong Pagar Road. It’s a built-up place of 2,152 sq feet on 1,098 sq feet of 99-year leasehold property.
The shophouse sits to a 99-year leasehold website of 1,475 sq feet, using a built-up region of 2,919 sq ft.
The rarity of conservation shophouses, using only 6,500 to 7,000 units in Singapore, which makes them a coveted advantage, particularly those from the CBD. Individuals from the CBD and zoned for industrial use are particularly significant since they are available to overseas ownership and aren’t subjected to additional purchaser’s stamp duty.