Savills Singapore, as the exclusive marketing agent, is proud to offer for sale 79, 81 Pagoda Street – a pair of Freehold, three-storey shophouses, with basement and attic levels, situated amidst the bustling Pagoda Street.
Prominently located in the main thoroughfare of Chinatown, the property enjoys extremely high footfall throughout out the day and night from both local and overseas visitors. This pair of charming shophouses was rebuilt in 1995 and has since been given a new lease of life. The distinctive historical façade of the property was retained with the interior space being thoughtfully designed and well-equipped with modern specifications. A passenger lift was also installed to serve from ground floor to attic levels, which is a rare find within shophouses. With a combined land area of approximately 2,493 square feet, the Property is sitting on a freehold land with full “Commercial” zoning. It is currently 100% leased out to a strong and reputable F&B operator.
Once an enclave for Singapore’s Chinese immigrant population, the Chinatown of today is much-beloved for its blend of old and new, with historic shophouses, century-old temples, traditional medicinal halls sitting alongside bold new bars and trendy lifestyle shops. Nestled right in the heart of the historic and vibrant Chinatown district, the Property enjoys seamless connectivity with Chinatown MRT Interchange Station (Downtown Line and North-East Line) located right at the doorstep of the Property, and the Central Business District (CBD) located a mere five-minute walk away.
Ms. Yap Hui Yee, Senior Director, Investment Sales & Capital Markets at Savills Singapore, shared: “Chinatown is an icon of Singapore’s rich historical culture. Besides being an ethnic enclave for Singapore's early Chinese settlers, the area has transformed into the Singapore's largest heritage precinct, one that is filled with a unique combination of hip hangouts, cultural treasures, and architectural gems. With the Property sitting within a location that is undeniably one of Singapore’s most popular hotspots, coupled with the recent easing of international travel, the asset is primed to benefit from the revitalised economic sentiments as we begin to exit the pandemic. The accessibility and close proximity to the CBD also put the asset in a class of its own, with a unique blend of heritage and modernism.”
The guide price for 79, 81 Pagoda Street is $53 million. Foreigners and companies are eligible to purchase the properties and no Additional Buyer Stamp Duty (ABSD) or Seller’s Stamp Duty (SSD) will be imposed.
Ms Yap added: “This is a truly exceptional opportunity for buyers to own this prized trophy asset in an exciting district. As the property enjoys the unique mixture of being in the heart of a heritage district, yet within close proximity to the heart of the financial district, the purchaser will be able to enjoy the potential capital appreciation.”
The sale will be conducted through Public Tender exercise, which closes on Thursday, 30 June 2022, at 3pm.