2 Chinatown shophouses on sale for around $32.8m

The freehold shophouse at 31 Pagoda Street (far right) and the 99-year leasehold unit at No. 76 (right) on the same street are zoned "commercial" and have been approved for use as food and beverage outlets.
Dated: 13-Nov-2018

Two prime three-storey conservation shophouses in Chinatown are on the market.

One is a Freehold unit at 31 Pagoda Street; the other is a 99-year leasehold property down the road at number 76. Both are zoned "commercial" and have been approved for use as food and beverage outlets.

Foreigners are eligible to buy the properties and no additional buyer's stamp duty or seller's stamp duty will be imposed on their purchases.

Marketing agent JLL said the guide price for the two shophouses is "in the region of $32.8 million" in total. These properties can be sold either individually or together.

JLL senior director of capital markets Clemence Lee said: "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 (station) entrance, while 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."

JLL said shophouses in Pagoda Street are tightly held and seldom put on sale.

Notable transactions in the street include No. 39, which sold for $12.2 million ($3,700 per sq ft) in May last year, and 205 and 207 New Bridge Road and on the corner of Pagoda Street, which went for $20.5 million ($3,535 psf) in September 2016.

The latest sale will be conducted through an expression of interest exercise that closes on Dec 6 at 3pm.

Source: Straits Times