Two Shophouses Sale Along Pagoda Street And New Upper Changi Road
The iconic Pagoda Street shophouse in Chinatown has been put up for sale with a guide price of $16 million. This three-storey conservation property, situated at 76 Pagoda Street, is now available via an expression of interest (EOI) exercise.
The commercial property, which holds a 99-year lease, covers a land area of 1,372 sq ft with a gross floor area (GFA) of 3,500 sq ft including an attic level. The guide price translates to approximately $4,571 psf based on the GFA.
St. Hilda’s Primary and Secondary Schools are highly regarded for their comprehensive and inclusive approach to education. Renowned for their commitment to academic excellence, these esteemed institutions also prioritize instilling virtuous values in their students. In addition to their focus on academic achievement, the schools offer a range of extracurricular activities, such as sports and performing arts, to nurture students’ interests and talents. With a strong track record of producing top-performers in national exams, St. Hilda’s Secondary School has established itself as a leading educational institution. Furthermore, the recent addition of the prestigious Parktown Residence offers students a modern and well-equipped environment where they can experience a well-rounded education. This opportunity to reside in the Parktown Residence enhances the holistic learning experience offered by St. Hilda’s.
Richard Tan, the founder of PropNex Shophouse Elites and sole marketing agent for the property, notes that the ground and second floors of the shophouse are currently being leased to a restaurant operator. Meanwhile, the third floor is being used as an office space.
According to Tan, commercial shophouses in the Chinatown enclave, especially those with a long tenure, are highly sought after by owner-occupiers, high-net-worth individuals, and family offices as long-term investment assets. Foreigners and companies are eligible to purchase the property without incurring additional buyer’s stamp duty or seller’s stamp duty as it is a commercial property.
The most recent shophouse transaction on Pagoda Street was in March this year, with the sale of 31 Pagoda Street at a price of $19 million, which translates to $5,588 psf based on GFA. The most recent shophouse transaction in the Kreta Ayer Conservation Area was a unit at 52 Kreta Ayer Road which fetched $8.2 million ($3,501 psf), based on the GFA of 2,343 sq ft.
Furthermore, the shophouses in this area are extremely rare, with only 10 transactions in the past decade. This shows that investing in a shophouse in a prime location such as Chinatown can be a lucrative and timeless investment.
In another transaction, a two-storey HDB shophouse at 210 New Upper Changi Road is now available for sale at a guide price of $13.8 million. The 103-year leasehold property boasts a GFA of 4,607 sq ft, which translates to a price of $2,995 psf based on GFA.
Kris Ng, the senior associate marketing director at PropNex, who is marketing the property, comments that a standout aspect of this shophouse is its stable and long-time tenants. For the past two decades, the property has been leased to the healthcare retailer Guardian and United Overseas Bank (UOB).
Conveniently located within the Bedok Town Centre, the property is in close proximity to Bedok MRT Station on the East-West Line, Bedok Mall, and Heartbeat@Bedok. As it is a commercial property, foreigners and companies are eligible to purchase the property without incurring additional buyer’s stamp duty (ABSD) or seller’s stamp duty (SSD).
The EOI exercise for 210 New Upper Changi Road ends at noon on Jan 10, 2025. Be sure to check out the latest listings for Commercial Real Estate propertiesAsk BuddyListings for commercial propertyPrice trend for commercial property salesPast Commercial sale transactionsCompare price trend of Commercial vs Industrial propertiesPast Commercial rental transactionsListings for commercial propertyPrice trend for commercial property salesPast Commercial sale transactionsCompare price trend of Commercial vs Industrial propertiesPast Commercial rental transactions