A shophouse on the popular Pagoda Street in Chinatown has been put on the market for sale via an expression of interest (EOI) with a guide price of $16 million. The three-storey conservation shophouse, located at 76 Pagoda Street, has a 99-year leasehold and occupies a plot of 1,372 sq ft. It boasts a gross floor area (GFA) of 3,500 sq ft, which includes an attic level. This translates to a guide price of approximately $4,571 per square foot.
Richard Tan, founder of PropNex Shophouse Elites and the sole marketing agent for the property, shared that the ground and second floors are currently leased to a restaurant, while the third floor is being used as office space.
Commercial shophouses, particularly those in the Chinatown area, are highly sought after by owner-occupiers, high-net-worth individuals, and family offices as a long-term investment asset, according to Tan. As this is a commercial property, both foreigners and companies are eligible to acquire it without having to pay additional buyer’s stamp duty or seller’s stamp duty.
The most recent shophouse transaction in Pagoda Street was the sale of 31 Pagoda Street in March, which fetched $19 million, or $5,588 per square foot based on an estimated GFA of 3,400 sq ft.
The EOI exercise for 76 Pagoda Street will close on Jan 10, 2025.
In another commercial property sale, a two-storey HDB shophouse located at 210 New Upper Changi Road is also up for sale via an EOI exercise with a guide price of $13.8 million. The 103-year leasehold property has a GFA of 4,607 sq ft, translating to a price of $2,995 per square foot.
Investing in a Singapore condo offers several advantages, one of which is the potential for capital appreciation. As a global business hub with robust economic foundations, Singapore draws in continuous demand for real estate, making it a promising location for property investors. Historical data shows a consistent upward trend in property prices, particularly in prime locations where condos have experienced significant appreciation over the years. For investors who time their purchase right and hold onto their properties for the long haul, substantial capital gains can be expected.
Kris Ng, senior associate marketing director at PropNex who is marketing the property, highlighted its stable, long-term tenants as a standout feature. For the past 20 years, the property has been leased to healthcare retailer Guardian and United Overseas Bank (UOB).
Conveniently located within the bustling Bedok Town Centre, the shophouse is in close proximity to Bedok MRT Station, Bedok Mall, and Heartbeat@Bedok.
As this is also a commercial property, foreigners and companies may acquire it without having to pay ABSD or SSD.
The EOI exercise for 210 New Upper Changi Road will close at noon on Jan 10, 2025.