Pair Chinatown Shophouses Sale 357 Mil
The sale of a pair of conservation shophouses located at 54 and 56 Pagoda Street in the vibrant Chinatown area is now open for interested buyers through an expression of interest (EOI) exercise. These three-storey properties have a guide price of $35.7 million, which equates to $3,897 per square foot (psf) based on the existing floor area of 9,162 square feet.
These shophouses sit on a land area of 3,010 square feet, which is zoned for commercial use. They boast a 12-meter wide frontage along the popular pedestrianised Pagoda Street, forming part of the bustling Chinatown Street Market shopping corridor that extends to Trengganu Street, Smith Street, and Sago Lane. The properties are also strategically located near the entrance of the corridor and have easy access to the Chinatown MRT Interchange.
A map indicating the location of 56 Pagoda Street can be found on EdgeProp Landlens.
CBRE, the exclusive marketing agent for the shophouses, discloses that both properties are currently occupied by retail units on the ground floor and offices on the upper levels. They further add that the Chinatown Business Association (CBA) offers two shop units in front of the properties, which can be leased by tenants to expand their business premises.
In addition, Clemence Lee, Executive Director of Capital Markets, Singapore, at CBRE, highlights that the shophouses’ strategic position in a popular tourist destination guarantees a steady stream of foot traffic throughout the day. He also points out that the area is undergoing revitalization with the recent tender award for the integrated management of 13 adjacent shophouses on Smith Street. CBA secured the tender to appoint a single master tenant to oversee these historic shophouses in August last year.
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According to Lee, the upcoming rejuvenation of Chinatown Food Street will feature new food and beverage offerings from popular brands such as Starbucks, Boon Toong Kee, and Killiney, as well as a new flagship co-living space by Habyt and a Peranakan kebaya rental studio called Elegance of Nanyang.
The EOI for these shophouses will close on May 13 at 3 pm. Interested parties can look forward to the successful purchase of these prime assets in Chinatown, which is set to undergo a transformation in the near future.
Additional information:
– Conservation shophouse on Liang Seah Street up for sale at $15 million
– Tras Street shophouse for sale at $16.8 million
– Five conservation shophouses along Joo Chiat Road on sale for $59.8 million