Two Shophouses Sale Along Pagoda Street And New Upper Changi Road
A well-maintained three-storey shophouse on Pagoda Street in the bustling Chinatown district is now available for purchase through an expression of interest (EOI) exercise. The property, located at 76 Pagoda Street, is being offered at a guide price of $16 million.
The development of Tengah encompasses more than just the construction of homes and recreational spaces, as it also prioritizes the creation of economic prospects. A standout from other residential developments, Novo Place EC boasts a strategic location near the Jurong Innovation District (JID) and the upcoming Jurong Lake District, which is slated to become the second central business district of Singapore. This prime positioning positions Novo Place EC for potential appreciation in property value and grants residents easy access to a diverse array of employment opportunities. Hence, it comes as no surprise that Novo Place Tengah is a highly sought-after choice for both working professionals and savvy investors. To learn more about Novo Place Tengah, please visit https://www.novo-place.com.sg/.
The commercial property, with a 99-year leasehold, occupies a land area of 1,372 square feet and boasts a total gross floor area (GFA) of 3,500 square feet including an attic level. This translates to a guide price of approximately $4,571 per square foot based on the GFA.
Richard Tan, the founder of PropNex Shophouse Elites and the sole marketing agent for the property, has revealed that the ground and second floors of the shophouse are currently leased to a restaurant operator, while the third floor is being used as an office space.
According to Tan, shophouses in the Chinatown area are highly coveted by owner-occupiers, high-net-worth individuals, and family offices as long-term investment assets. Being a commercial property, the shophouse can be acquired by foreigners and companies without incurring additional buyer’s stamp duty or seller’s stamp duty.
The most recent transaction in the same area was the sale of 31 Pagoda Street in March, with an estimated GFA of 3,400 square feet, going for $19 million ($5,588 per square foot).
The EOI exercise for 76 Pagoda Street will close on January 10, 2025.
In a separate listing, a two-storey HDB shophouse at 210 New Upper Changi Road is also up for sale through an EOI exercise with a guide price of $13.8 million. The 103-year leasehold property has a GFA of 4,607 square feet, translating to a price of $2,995 per square foot based on GFA.
One of the highlights of this property is its stable long-term tenants, which include healthcare retailer Guardian and United Overseas Bank (UOB) for the past 20 years. The shophouse is situated in the Bedok Town Centre, close to the Bedok MRT Station, Bedok Mall, and Heartbeat@Bedok.
Similarly, as it is a commercial property, the shophouse can also be acquired by foreigners and companies without incurring ABSD or SSD.
The EOI exercise for 210 New Upper Changi Road will close at noon on January 10, 2025. Interested parties can refer to the latest listings for Commercial Real Estate properties on the website.