Savills Singapore, the exclusive marketing agent, is delighted to offer 31 Pagoda Street, a 3-storey freehold commercial shophouse for sale.
31 Pagoda Street sits on a freehold land of approximately 1,310 square feet and has a floor area of approximately 3,449 square feet. Currently 100% tenanted, both the ground floor and third floor have “Restaurant” approval while the second floor is rented out to a fitness centre.
Positioned strategically in the dynamic and historically significant Chinatown area, 31 Pagoda Street benefits from high footfall throughout the day. The property enjoys excellent connectivity with Chinatown MRT Interchange Station (Downtown Line and North-East Line) and Maxwell MRT station (Thomson-East Coast Line) just a short two-minute walk away.
Ms. Yap Hui Yee, Executive Director, Investment Sales & Capital Markets at Savills Singapore, shares: “Freehold shophouses along Pagoda Street have always been regarded as trophy assets and the cream of the crop of all shophouses in Chinatown, given its steep history and tight ownership. 31 Pagoda Street is fully tenanted and presents an exciting opportunity for investors seeking a prime commercial shophouse in the heart of Chinatown.”
The guide price for 31 Pagoda Street is $21.28 million, which translates to $6,169 psf on floor area. As a reference, 52 Pagoda Street, a 99-year leasehold shophouse was recently launched at $22 million which translates to $5,500 psf on floor area.
As the shophouse is fully zoned for commercial use under the Urban Redevelopment Authority’s Master Plan 2019, foreigners and companies are eligible to purchase the shophouse and there will be no Additional Buyer Stamp Duty (ABSD) or Seller’s Stamp Duty (SSD) payable.
The sale will be conducted through Public Expression of Interest exercise, which concludes Tuesday, 19 September 2023, at 3pm.