Savills has been exclusively appointed as sole marketing agent for the sale of 2 prime commercial shophouses in Chinatown.
Savills has been exclusively appointed as sole marketing agent for the sale of 2 prime commercial shophouses in Chinatown.
The 2 shophouses (18 Sago Street and 201 South Bridge Road) are located in the Chinatown Historic District of Kreta Ayer and Telok Ayer. A charming and gentle reminder of its beautiful past, the shophouses are zoned commercial, conservation under the current Master Plan with no restrictions on foreign ownership.
18 Sago Street is a 3 storey shophouse located next to the Buddha Tooth Relic Temple & Museum. Sago Street is gazetted as a pedestrian mall linking Trengganu Street and Pagoda Street and better known as Chinatown Street Market. The stretch of pedestrian mall is lined with touristy souvenir stalls/shops and quaint eateries which comes alive with the hustle and bustle of cultural festivals such as the Lunar New Year. It has become a ‘must go’ destination for tourists and locals alike.
“The vendor has obtained approval for change of use of the shophouse (18 Sago Street) into a backpacker’s hostel with cafe on the ground floor.” commented Philip Ng associate director of Investment Sales at Savills Singapore. Philip added, “This is rare considering guidelines for such conversions have been very stringent. New windows are opened and this makes for an exceptional positioning for backpacker’s hostel operators who are looking to expand their operations in this part of town.”
The second property, 201 South Bridge Road, is a 2 storey shophouse with attic. Located along the main road with good frontage and visibility, it is sited between Chinatown (NEL/DTL) station and Telok Ayer (DTL) station which are both a mere 150m away. With its close proximity to downtown core (Raffles Place, Robinson Road and Shenton Way), it is suitable for conversion into a boutique office with added bonus of an ample public carpark at the back of the property.
“Shophouses are popular alternatives to occupiers of various trades and industries who wish to own their own space. Apart from the historical charm of shophouses, this is an opportunity to own a piece of Singapore’s history.” said Philip.
The vendors are looking at price of S$10 million and S$8 million respectively.
The expression of interest closes on Tuesday 31 March 2015, 3:00pm.