A three-storey conservation shophouse located at 76 Pagoda Street in the bustling Chinatown area is currently up for sale through an expression of interest (EOI) exercise. The guide price for the 99-year leasehold commercial property is set at $16 million.
The shophouse sits on a 1,372 sq ft plot and boasts a generous gross floor area (GFA) of 3,500 sq ft, which includes an attic level. At a price point of $4,571 psf based on the GFA, the property presents a lucrative investment opportunity.
According to Richard Tan, the founder of PropNex Shophouse Elites and the sole marketing agent for the property, the ground and second floors are currently leased to a restaurant operator, while the third floor is occupied by an office tenant.
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Notably, commercial shophouses in the Chinatown area are highly coveted by owner-occupiers, high-net-worth individuals, and family offices as long-term investment assets, Tan adds. As the shophouse is classified as a commercial property, foreigners and companies are eligible to purchase it without incurring additional buyer’s stamp duty or seller’s stamp duty.
The most recent transaction for a shophouse on Pagoda Street was the sale of 31 Pagoda Street in March, which went for $19 million ($5,588 psf). With the EOI exercise for 76 Pagoda Street closing on Jan 10, 2025, interested parties have ample time to evaluate the property and submit their bids.
In a separate listing, a two-storey HDB shophouse located at 210 New Upper Changi Road is also up for sale through an EOI exercise, with a guide price of $13.8 million. The 103-year leasehold property boasts a GFA of 4,607 sq ft, translating to a price of $2,995 psf based on GFA.
Kris Ng, the senior associate marketing director at PropNex handling the sale, highlights the shophouse’s stable and long-term tenants as a key selling point. For the past two decades, the property has been leased to healthcare retailer Guardian and United Overseas Bank (UOB).
The shophouse is ideally located within the bustling Bedok Town Centre, in close proximity to Bedok MRT Station on the East-West Line, Bedok Mall, and Heartbeat@Bedok. As it is classified as a commercial property, foreigners and companies can purchase it without incurring ABSD or SSD.
The EOI exercise for 210 New Upper Changi Road closes on Jan 10, 2025, giving potential buyers sufficient time to evaluate the property and submit their bids. Interested parties can check out the latest listings for commercial real estate properties, including past sale and rental transactions, price trends, and current listings.