Meticulously conserved 3-storey conservation shophouse with mezzanine at 4 Craig Road up for sale via Expression of Interest

Singapore, 20 March 2024 – CBRE, as the exclusive marketing agent is pleased to present an iconic 3-storey conservation shophouse with mezzanine at 4 Craig Road for sale. The sale will be conducted via an Expression of Interest exercise, which will close on Wednesday, 17 April 2024, at 3pm.

Located in District 2 of the Central Business District (CBD) within the Tanjong Pagar Conservation Area, 4 Craig Road commands one of the most highly desired commercial addresses especially for Restaurants / F&B operators. The property sits on a land area of approximately 1,654 sq ft and has a total floor area of approximately 4,900 sq ft, subject to final survey. Extensively refurbished in 2018, the shophouse features regular and efficient floor plates, generous floor-to-ceiling heights, and an air-well that ensures maximum natural lighting into the units. Furthermore, the ground floor unit commands permanent restaurant approval and is presently leased to a Korean BBQ operator, while the upper floors are used as offices. The fully leased shophouse ensures stable and immediate rental income for the incoming investor. 

The indicative guide price for 4 Craig Road is S$15.68 million, which works out to about $3,200 per square foot on its total floor area. As this is a commercial property, foreigners are eligible to purchase and there will be no Additional Buyer's Stamp Duty (ABSD) or Seller's Stamp Duty (SSD) imposed on the property transaction.



Mr Clemence Lee (利伟强), Executive Director of Capital Markets, Singapore at CBRE says, “With only approximately 30 shophouses lined up along the short 270-metre stretch along Craig Road, this presents an exceptional opportunity to acquire a charming shophouse in prime District 2. Given the asset’s superior location attributes, tenant covenants and pristine condition, future capital expenditure for maintenance is expected to be minimal and we expect keen interest from astute investors who understand the scarcity of such prime heritage shophouses.”
Tanjong Pagar, one of Singapore’s oldest heritage districts and known for its rich cultural and historical significance, was the first neighbourhood to be gazetted for conservation in 1989. Since then, rapid urbanisation has introduced new, modern skyscrapers into the district and served as a driving force for restoration and adaptive re-use for the conservation shophouses in the district. 

Today, the Tanjong Pagar conservation area is not only a popular tourist destination but also a bustling enclave for its offerings. Aside from its architectural and cultural landmarks, its wide palette of Michelin-lauded restaurants, Korean BBQ outlets, Japanese Omakase joints, upscale lifestyle hotels and retail boutiques reinforces its position as an alluring and must-visit destination for tourists and locals alike. 

Mr Lee continues, “Situated in a consistently sought-after investment location, the subject property benefits from ongoing revitalisation efforts and a strong pipeline of upcoming developments, ensuring potential for future rental reversions and price appreciation over the mid to long term.  Some of these projects include Mercure ICON Singapore City Centre (2024) – a 989-key hotel, Keppel South Central (2024) – a 33-storey Grade A office tower, One Bernam (2026) and TMW Maxwell (2027). The completion of these developments will not only inject new working and living population into the vicinity but also renew dynamism and energy that is set to propel the district towards a bright and exciting future.” 

4 Craig Road enjoys excellent accessibility, with multiple MRT Stations within its immediate proximity. They include Tanjong Pagar (4-mins), Maxwell (6-mins) and Outram Park (8-mins) MRT Interchange.  It is also enveloped by amenities at the nearby Tanjong Pagar Centre and numerous business hotels. The nearby Ayer-Rajah Expressway (AYE), Central Expressway (CTE) and Marina Coastal Expressway (MCE) also allows it to be easily accessible from other parts of Singapore.