Two prominent conservation shophouses on Singapore’s Neil Road have been sold for S$40.88 million, marking a significant uplift in value for an investment company linked to Italian financier and aristocrat Luca Padulli.
The adjoining freehold properties at 136 and 138 Neil Road were purchased for S$17.5 million in 2011. Following an extensive restoration and redevelopment program, the two buildings were combined into a distinctive commercial property that is now mainly occupied by the Goethe-Institut Singapore.
The buyer is understood to be a wholly owned subsidiary of Aw & Sons Capital, a Singapore-based boutique property developer and family office with an established interest in heritage commercial assets.
Located at the junction of Neil Road and Bukit Pasoh Road, the property sits within the tightly held Tanjong Pagar and Bukit Pasoh conservation district, close to Chinatown and Singapore’s central business area.
The development comprises four storeys, a basement and a partially open upper floor featuring a roof terrace. Together, the buildings provide about 11,441 square feet of commercial space.
Their sizeable floor area, freehold ownership and location within one of Singapore’s best-known conservation precincts have positioned the properties as a rare institutional-grade shophouse investment.
Completed in 1926, the buildings were designed by Swan & Maclaren, a major architectural practice that contributed to the development of Singapore’s urban landscape during the early 20th century.
The property features a restrained classical architectural style, including large bay windows, reinforced-concrete balconies and a carefully maintained historic façade.
Major restoration and upgrading works were carried out before the Goethe-Institut moved into the premises in 2014.
The improvements included structural reinforcement, wider staircases and upgraded fire-safety systems. These modern additions were incorporated while retaining the protected architectural details and historic character of the buildings.
The Goethe-Institut is Germany’s international cultural organisation and operates language, educational and cultural programs around the world.
Its Neil Road location includes classrooms, offices, arts facilities and cultural departments, as well as premises used by the German Academic Exchange Service.
A separate entrance along Bukit Pasoh Road leads to the organisation’s 136 Goethe arts and project space, which hosts exhibitions and other creative programs.
The institute relocated to the restored property in March 2014, helping establish the building as a recognised centre for German language education and cultural exchange in Singapore.
While the sale represents a change in ownership, it does not necessarily indicate that the Goethe-Institut will leave the premises. The transaction is understood to involve the transfer of the building as a commercial investment, with the organisation continuing to be identified as its principal tenant.
The acquisition further expands Aw & Sons Capital’s portfolio of conserved shophouse properties.
The company has previously invested in a collection of freehold shophouses along Teck Chye Terrace. In 2020, it acquired 10 adjoining properties there for S$39 million, adding to five units it already owned within the same row.
The Neil Road purchase suggests the group remains interested in acquiring larger clusters or sizeable heritage buildings rather than focusing only on individual shophouse units.
The properties were placed on the market through an expression-of-interest campaign launched by Colliers and List Sotheby’s International Realty in July 2025.
The marketing agents promoted the buildings’ freehold tenure, historic architecture, extensive modern upgrades and accessibility to several MRT stations, including Outram Park, Maxwell and Tanjong Pagar.
The property is also close to the restaurants, boutique hotels, offices and entertainment venues surrounding Keong Saik Road and Duxton Hill.
At S$40.88 million, the latest transaction value is more than twice the S$17.5 million paid by the Padulli-linked investment company approximately 15 years earlier.
However, the increase does not take into account the costs of restoration, financing, taxes, maintenance and other expenses incurred during the ownership period.
Padulli is known as a private Italian aristocrat, financier, art collector and property investor with business interests in Britain and other markets. He previously worked in investment banking and has been associated with hedge-fund and real-estate ventures.
The transaction highlights the continued appeal of Singapore’s conservation shophouses among family offices, wealthy private investors and property companies.
Their limited supply, central locations, flexible commercial uses and heritage value have helped them maintain strong investor interest. Commercial shophouses can also be treated differently from residential properties under some Singapore property-purchase regulations, adding to their attractiveness for certain buyers.
For Aw & Sons Capital, the acquisition provides a fully restored landmark building with an established institutional occupier.
For the seller, the deal concludes a long-term investment that transformed two historic properties into a modern cultural and commercial destination while preserving their architectural identity.
