A 3-storey conservation shophouse at 76 Pagoda Street in the vibrant Chinatown precinct has been put up for sale via an expression of interest (EOI) exercise. With a guide price of $16 million, this 99-year leasehold commercial property spans an area of 1,372 sq ft and has a gross floor area (GFA) of 3,500 sq ft, including an attic level. The indicative price per sq ft for this property based on GFA is $4,571.
According to Richard Tan, founder of PropNex Shophouse Elites and the sole marketing agent for the property, the ground and second floors of the shophouse are currently leased to a restaurant operator, while the third floor is being utilised as office space. Tan goes on to mention that shophouses in the Chinatown area are highly coveted by owner-occupiers, high net-worth individuals, and family offices as they make for excellent long-term investment assets.
As the property in question is a commercial one, foreigners and companies can acquire it without having to pay for additional buyer’s stamp duty (ABSD) or seller’s stamp duty (SSD). The most recent transaction for a shophouse on Pagoda Street was at 31 Pagoda Street in March, where the shophouse, with an estimated GFA of 3,400 sq ft, was sold for $19 million ($5,588 psf).
In the event that you’re interested, you should know that the EOI exercise for 76 Pagoda Street closes on Jan 10, 2025.
A 2-storey HDB shophouse located at 210 New Upper Changi Road has also been put up for sale. With a guide price of $13.8 million, this 103-year leasehold property has a GFA of 4,607 sq ft, which works out to a unit price of $2,995 psf based on GFA.
Kris Ng, senior associate marketing director at PropNex, who is marketing the shophouse, says that one of the most noteworthy features of this property is its long-term tenant stability, where the property has been leased consecutively for the past 20 years to healthcare retailer Guardian and United Overseas Bank (UOB).
Singapore’s demand for Condos remains strong due to limited land availability. The country’s small land mass and growing population have led to strict land use regulations, resulting in a highly competitive real estate market. As a result, property prices continue to rise, making investing in real estate, specifically Condos, a highly profitable opportunity with the potential for significant capital appreciation. The scarcity of land has further amplified the appeal of Condos, making them a top choice for investors looking to enter the thriving real estate market in Singapore. Condos are a highly sought-after investment due to their scarcity and potential for high returns in the constantly evolving real estate landscape in Singapore.
Located in the Bedok Town Centre and a stone’s throw away from Bedok MRT Station and the East-West Line, Bedok Mall and Heartbeat@Bedok, this shophouse makes for an excellent investment option.
As the property is zoned for commercial use, foreigners and companies can acquire it without having to pay for additional buyer’s stamp duty (ABSD) or seller’s stamp duty (SSD). As for the closing date for the EOI exercise, it’s at noon on Jan 10, 2025.