Pair Chinatown Shophouses Sale 357 Mil
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An opportunity to own a piece of Singapore’s heritage has emerged, as a pair of conservation shophouses in Chinatown have been put up for sale through an expression of interest (EOI) exercise. The properties, located at 54 and 56 Pagoda Street, have a guide price of $35.7 million and offer a total floor area of 9,162 sq ft. This translates to a price of $3,897 per square foot.
These three-storey shophouses sit on a land area of 3,010 sq ft, zoned for commercial use. They boast a 12m-wide frontage along the popular pedestrianised Pagoda Street, which is part of the vibrant Chinatown Street Market shopping area extending to Trengganu Street, Smith Street and Sago Lane. This advantageous location is at the entrance of the bustling corridor, with fully sheltered access to the Chinatown MRT Interchange.
(Source: EdgeProp Landlens)
CBRE, the exclusive marketing agent for the shophouses, reveals that the properties are fully tenanted with retail units on the ground floor and offices on the upper floors. In addition, the Chinatown Business Association (CBA) offers the opportunity for tenants to lease two shop front units in front of the property, allowing for expansion of their business.
Commenting on the offering, Clemence Lee, executive director of capital markets, Singapore, at CBRE, notes the shophouses’ prime location in a popular tourist destination and how this ensures strong foot traffic throughout the day. He also mentions the ongoing rejuvenation plans for the area, following the tender award for the integrated management of 13 adjoining shophouses on Smith Street. CBA emerged the winner in the tender last August, appointed as the single master tenant to oversee the historic shophouses.
According to Lee, the revitalisation of Chinatown Food Street will feature new F&B offerings from Starbucks, Boon Toong Kee and Killiney, along with the addition of a flagship co-living space by Habyt and Elegance of Nanyang, a Peranakan kebaya rental studio.
Interested parties can submit their bids for the shophouses through the EOI exercise, which closes on May 13 at 3pm.