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The property, which is under a 99-year leasehold tenure since 1991, is zoned commercial under the 2014 Master Plan and sits on a land area of around 1,115 sq ft.
A three-storey conservation shophouse at 18 Sago Street has been put up for sale via expression of interest (EOI), with an indicative price of $8.5 million or $2,660 per sq ft (psf), revealed marketing agent CBRE.
The property, which is under a 99-year leasehold tenure since 1991, is zoned commercial under the 2014 Master Plan and sits on a land area of around 1,115 sq ft. it also has a gross floor area of about 3,196 sq ft.
Located in the heart of Chinatown, the shophouse is less than 300 meters away from the Chinatown MRT interchange station and 150 meters away from the upcoming Maxwell MRT.
The property also enjoys a 5.4-meter frontage along Sago Street and is in close proximity to the Buddha Tooth Relic Temple and Museum, the Fairfield Methodist Church and Sri Mariamman Hindu Temple.
“This is an attractive offer as the price is at a palatable quantum. Based on past transactions, capital appreciation for conservation shophouses is about four percent to eight percent per annum. The successful buyer will enjoy immediate rental income as the shophouse is fully tenanted with leases expiring between 2020 and 2022,” said Angela Lim, senior manager of capital markets for CBRE.
“He/she can also explore value-adding to the property by conducting A&A refurbishment works or converting the second and third floor into a capsule hostel, subject to authorities’ approval. The ground-floor space has obtained approval for F&B use.”
Since it is a commercial property, both locals and foreign buyers can acquire the shophouse, with no sellers’ stamp duty (SSD) and additional buyers’ stamp duty (ABSD) payable.
The EOI exercise for the three-storey conservation shophouse closes on 2 October.
Victor Kang, Digital Content Specialist at PropertyGuru, edited this story. To contact him about this or other stories, email victorkang@propertyguru.com.sg
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