A heritage shophouse located at 76 Pagoda Street in Chinatown is currently on the market for sale through an expression of interest (EOI) exercise. The asking price for this three-storey property is $16 million.
Occupying a land area of 1,372 square feet, this 99-year leasehold commercial shophouse boasts a gross floor area (GFA) of 3,500 square feet, which includes an attic level. Based on the GFA, the guide price translates to about $4,571 per square foot.
According to Richard Tan, the founder of PropNex Shophouse Elites and sole marketing agent for the property, the ground and second floors are currently tenanted by a restaurant operator, while the third floor is being used as office space.
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Tan also adds that commercial shophouses in the Chinatown area are highly sought after by owner-occupiers, high-net-worth individuals, or family offices as long-term investment assets. As this is a commercial property, foreigners and companies are eligible to purchase it without being subject to additional buyer’s stamp duty (ABSD) or seller’s stamp duty (SSD).
In March, a shophouse on Pagoda Street was sold for $19 million, which translates to $5,588 per square foot. The latest EOI exercise for the shophouse at 76 Pagoda Street will close on January 10, 2025.
Meanwhile, another property currently on the market is a two-storey HDB shophouse located at 210 New Upper Changi Road. This 103-year leasehold property has a GFA of 4,607 square feet and is being marketed by Kris Ng, senior associate marketing director of PropNex. The guide price for this shophouse is $13.8 million, which translates to $2,995 per square foot based on the GFA.
Ng highlights that the property’s main selling point is its long-term, stable tenants. For the past 20 years, the shophouse has been leased by a healthcare retailer, Guardian, and United Overseas Bank (UOB).
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Situated within the Bedok Town Centre, this shophouse is in close proximity to Bedok MRT Station, Bedok Mall, and Heartbeat@Bedok. As it is a commercial property, it is eligible for purchase by foreigners and companies without having to pay ABSD or SSD.
The EOI exercise for 210 New Upper Changi Road will close at noon on January 10, 2025. Interested parties can also check out other commercial property listings and compare the price trends between commercial and industrial properties.