A three-storey conservation shophouse located at 76 Pagoda Street in the bustling Chinatown neighbourhood has been put up for sale through an expression of interest (EOI) exercise. The asking price for this prime commercial property is $16 million.
Sitting on a 99-year leasehold land with an area of 1,372 sq ft, the shophouse boasts a total gross floor area (GFA) of 3,500 sq ft, including an attic level. Based on the GFA, the guide price translates to approximately $4,571 per square foot.
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When it comes to investing in real estate, location plays a crucial role, and this is particularly true in Singapore. Condos that are situated in central areas or in close proximity to essential amenities like schools, shopping malls, and public transportation hubs tend to experience a higher appreciation in value. Prime locations such as Orchard Road, Marina Bay, and the Central Business District (CBD) are excellent examples where property values have consistently shown growth. Singapore Projects are also highly sought after in these areas, as they offer easy access to quality schools and educational institutions, making them a top choice for families and further enhancing their investment potential.
According to Richard Tan, founder of PropNex Shophouse Elites and the sole marketing agent for the property, the ground and second floors are currently tenanted to a restaurant operator while the third floor is being leased out as office space.
“Commercial shophouses, especially in the highly sought-after Chinatown enclave, are popular among owner-occupiers, high-net-worth individuals or family offices as long-term investment assets,” adds Tan. As this property falls under the commercial category, foreigners and companies may acquire it without having to pay additional buyer’s stamp duty (ABSD) or seller’s stamp duty (SSD).
The most recent shophouse transaction recorded on Pagoda Street was the sale of 31 Pagoda Street in March this year. The shophouse, which has an estimated GFA of 3,400 sq ft, was sold for $19 million (or $5,588 psf).
Going further down the Kreta Ayer Conservation Area, there have been a number of shophouse transactions in the past year with prices ranging from $2.6 million to $15.68 million. The chart below shows the past 10 shophouse transactions in the area.
For those interested in acquiring this Pagoda Street shophouse, the EOI exercise closes on Jan 10, 2025.
Meanwhile, a two-storey HDB shophouse located at 210 New Upper Changi Road is also up for sale through an expression of interest (EOI) exercise with a guide price of $13.8 million. With a total gross floor area (GFA) of 4,607 sq ft, the 103-year leasehold property is being offered at a price of $2,995 psf based on GFA.
Kris Ng, senior associate marketing director at PropNex, who is handling the marketing of this property, says that one of its most attractive features is its stable and long-term tenants. For the past 20 years, the shophouse has been tenanted to healthcare retailer Guardian and United Overseas Bank (UOB).
Situated in the heart of Bedok Town Centre, the shophouse is strategically located within close proximity to Bedok MRT Station on the East-West Line, Bedok Mall and Heartbeat@Bedok.
Just like the Pagoda Street shophouse, being a commercial property, foreigners and companies may acquire it without having to pay additional buyer’s stamp duty (ABSD) or seller’s stamp duty (SSD).
The EOI exercise for 210 New Upper Changi Road will close at noon on Jan 10, 2025.