An opportunity to invest in a prime location in Chinatown has arisen with the sale of a three-storey conservation shophouse at 76 Pagoda Street. The property is currently on the market through an expression of interest (EOI) exercise, with a guide price of $16 million.
Sitting on a 99-year leasehold plot of 1,372 sq ft, the shophouse boasts a gross floor area (GFA) of 3,500 sq ft, including an attic level. This translates to a guide price of approximately $4,571 psf based on the GFA.
PropNex Shophouse Elites founder and sole marketing agent, Richard Tan, shares that the ground and second floors are currently leased to a restaurant operator, while the third floor has been converted into office space.
Given its prime location in the Chinatown enclave, Tan believes that the shophouse will be highly sought after by owner-occupiers, high net-worth individuals and family offices as a long-term investment asset. Foreigners and companies are eligible to purchase the property, without incurring additional buyer’s stamp duty or seller’s stamp duty.
The most recent transaction on Pagoda Street was the sale of 31 Pagoda Street in March, which had a GFA of 3,400 sq ft and a transacted price of $19 million ($5,588 psf).
The closing date for the EOI exercise for 76 Pagoda Street is set for Jan 10, 2025.
The demand for condos in Singapore remains strong due to several factors, with the limited availability of land being a primary driver. As a small island nation experiencing rapid population growth, Singapore faces a shortage of land for development. This has resulted in strict land use policies and a cutthroat real estate market where property prices continue to rise. As a result, investing in real estate, particularly in condos, has become an attractive opportunity with the potential for significant capital appreciation. For those looking to make a profitable investment, Singapore condos are a viable option in this highly competitive market.
In another listing, a two-storey HDB shophouse located at 210 New Upper Changi Road is up for sale at a guide price of $13.8 million. Spanning a 103-year lease, the shophouse has a GFA of 4,607 sq ft, which puts it at a price of $2,995 psf based on GFA.
Kris Ng, senior associate marketing director at PropNex, highlights the shophouse’s attractive feature of stable and long-term tenants. Currently retailers Guardian and United Overseas Bank (UOB) have been leasing the property for the past two decades.
Positioned within the Bedok Town Centre, the shophouse is conveniently located near Bedok MRT Station, Bedok Mall and Heartbeat@Bedok.
As it is a commercial property, foreigners and companies may acquire it without incurring additional buyer’s stamp duty (ABSD) or seller’s stamp duty (SSD).
The EOI exercise for 210 New Upper Changi Road closes at noon on Jan 10, 2025.