Pair of Chinatown shophouses up on the market with S$53m guide price

A PAIR of freehold Chinatown shophouses has been put up for sale via public tender with a guide price of S$53 million, said exclusive marketing agent Savills Singapore on Monday (May 23).

Located at 79 and 81 Pagoda Street, the shophouses are zoned for commercial use under the Urban Redevelopment Authority’s Master Plan 2019.

The 3-storey shophouses, which were rebuilt in 1995, have a combined land area of approximately 2,493 square feet (sq ft) and a total floor area of 8,220 sq ft. It comes with a passenger lift which serves the ground floor to attic levels.

They are accessible to both the Downtown Line and North-East Line of Chinatown MRT Station, with the Central Business District being a mere 5-minute walk away.

According to Savills, the property enjoys extremely high footfall throughout the day and night from both local and overseas visitors and is fully occupied by a food and beverage operator.

“As the property enjoys the unique mixture of being in the heart of a heritage district, yet in close proximity to the heart of the financial district, the purchaser will be able to enjoy the potential capital appreciation,” said senior director of investment sales & capital markets at Savills, Yap Hui Yee.

Foreigners and companies are eligible to purchase the property and there will be no Additional Buyer’s Stamp Duty or Seller’s Stamp Duty payable.

The public tender exercise will close on June 30 at 3 pm.

This version of article written by HELENE TIAN and first appeared at The Business Times.

Photo: Savills Singapore