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Two three-storey conservation shophouses in Chinatown have been put up for sale via an expression of interest (EOI), with a total guide price of $32.8 million.
With an area of 1,310 sq ft, 31 Pagoda Street (pictured) is a freehold property with a floor area of about 3,400 sq ft.
76 Pagoda Street, on the other hand, is a 99-year leasehold property with a land area of 1,372 sq ft and a floor area of about 3,800 sq ft.
Both are zoned commercial and approved for F&B use.
Marketing agent JLL noted that buyers can acquire the properties either individually or collectively. In fact, foreigners are allowed to purchase the shophouses, with no Additional Buyer’s Stamp Duty (ABSD) or Seller’s Stamp Duty (SSD) payable.
“Each of the two shophouses has its own strong attributes – 76 Pagoda Street is located in an extremely prime spot right next to the Chinatown MRT entrance, whilst 31 Pagoda Street has a coveted freehold tenure and a strong tenant covenant. We expect keen interest from investors such as boutique real estate funds, family offices and high-net-worth individuals (HNWIs),” said JLL capital markets senior director Clemence Lee.
JLL revealed that shophouses along Pagoda Street are seldom made available for sale as they are tightly held.
Notable transactions within the area include 39 Pagoda Street, which was sold in May last year for $12.2 million ($3,700 psf), and 205 & 207 New Bridge Road right at the corner of Pagoda Street, which was sold in September 2016 for $20.5 million ($3,535 psf).
The EOI exercise for the shophouses closes on 6 December.
Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email romesh@propertyguru.com.sg
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