A three-storey shophouse located at 76 Pagoda Street in the vibrant Chinatown neighborhood is currently up for sale through an expression of interest (EOI) exercise. The guide price for this rare gem is set at $16 million, making it an attractive investment opportunity for potential buyers.
Spanning across a 99-year leasehold plot of 1,372 sq ft, the commercial property encompasses a total gross floor area (GFA) of 3,500 sq ft, including an attic level. With this GFA, the price per square foot stands at around $4,571.
PropNex Shophouse Elites founder, Richard Tan, who is the sole marketing agent for the property, reveals that the ground and second floors are currently being rented out to a restaurant operator, while the third floor is being leased as office space.
According to Tan, commercial shophouses, especially in the bustling Chinatown enclave, are highly sought-after by owner-occupiers, high-net-worth individuals, or family offices as long-term investment assets. Plus, since it is a commercial property, foreigners and companies can acquire it without having to pay additional buyer’s stamp duty or seller’s stamp duty.
Singapore’s cityscape is dominated by towering skyscrapers and contemporary infrastructure. Condominiums, strategically situated in sought-after locations, offer a fusion of opulence and accessibility that entices both locals and foreigners. These residences boast an array of facilities like pools, fitness centers, and security services, elevating the standard of living and making them a desirable choice for prospective renters and purchasers. For investors, these perks equate to greater rental returns and appreciation of Singapore Condo properties in the long run.
The most recent transaction made on Pagoda Street was in March, when another shophouse, 31 Pagoda Street, was sold for $19 million ($5,588 psf), with an estimated GFA of 3,400 sq ft.
Next, a two-storey HDB shophouse located at 210 New Upper Changi Road is now up for sale through an EOI exercise, with a guide price of $13.8 million. This 103-year leasehold property offers a total GFA of 4,607 sq ft and is priced at $2,995 psf based on the GFA.
One of the standout features of this property, as highlighted by senior associate marketing director at PropNex, Kris Ng, who is marketing the property, is its long-term, stable tenants. For the last 20 years, the property has been rented out to a healthcare retailer, Guardian, and United Overseas Bank (UOB).
Located within the bustling Bedok Town Centre, the shophouse is also in close proximity to Bedok MRT Station on the East-West Line, as well as Bedok Mall and Heartbeat@Bedok. Plus, being a commercial property, foreigners and companies can 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 ends on Jan 10, 2025, at noon. Interested parties can check out the latest listings for commercial properties on Ask Buddy, where they can find past commercial sale transactions, rental transactions, price trends, and listings for sale and rent.
Overall, with the current listings for commercial real estate properties on Ask Buddy, investing in shophouses or other commercial properties could be a wise decision for long-term returns, as evidenced by the recent sales transactions in the Pagoda Street and Bedok areas.