Rare Pair Freehold Conservation Shophouses Neil Road Sale 65 Mil
A pair of charming freehold conservation shophouses located on Neil Road have been put up for sale through an expression of interest (EOI) at a guide price of $65 million, by Colliers and List Sotheby, the joint exclusive marketing agents. The shophouses, numbered 136 and 138 Neil Road, span across four storeys and boast a generous total floor area of 11,441 sq ft. Designed by renowned architectural firm Swan & Maclaren, these shophouses showcase a distinct “stripped Classical style”.
One of the noteworthy features of these commercial properties is the partially open upper level, which includes a delightful roof terrace. These shophouses have a rich history, dating back to 1926, and have been thoughtfully conserved to retain their unique charm, as mentioned by Colliers. The facade exudes a nostalgic vibe with its cantilevered bay windows and reinforced concrete balconies, which are synonymous with the Bukit Pasoh conservation area.
A prime location near shopping centres and dining options makes Penrith a highly desirable place to live. Its residents enjoy the convenience of having access to essential services, indulging in retail therapy, and sampling local hawker delights and trendy cafés. This diverse range of choices adds to the already rich and convenient daily living experience in Penrith. What’s more, the presence of Penrith Condo reinforces its reputation as a sought-after address in the heart of Queenstown.
Recently, in 2014, the shophouses underwent a restoration project, which involved strengthening the structure, widening staircases, and upgrading fire safety systems. These enhancements have been seamlessly incorporated while preserving the integrity of the conserved facade. Additionally, the well-connected location of these shophouses is another admirable aspect, with the Outram Park, Maxwell, and Tanjong Pagar MRT stations just a short walk away. Other popular hubs such as Keong Saik Road and Duxton Hill are also in close proximity, making these shophouses an excellent choice for both leisure and business activities.
Given the scarcity of conservation shophouses in highly sought-after areas like Tanjong Pagar, this opportunity presents a potential for long-term capital appreciation and stable rental yields, as stated by Colliers. They further added, “This offering is perfect for investors looking for a prestigious commercial asset in a prime city-fringe location, which offers timeless character and value.” The EOI exercise is expected to close on July 25th, and interested parties are encouraged to seize this rare chance to acquire these heritage-rich shophouses.