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Two prime three-storey conservation shophouses for sale at $32.8 million

by • November 12, 2018 • Commercial Property Loan, Property Market NewsComments (0)135

JLL, as the exclusive marketing agent, is inviting offers through an Expression of Interest (EOI) exercise for the purchase of 31 and 76 Pagoda Street, two prime three-storey conservation shophouses nestled within the heart of Singapore’s historic Chinatown district.

Salient details of the two conservation shophouses as follows:

Address 31 Pagoda Street 76 Pagoda Street
Description A 3-storey conservation

shophouse

A 3-storey conservation

shophouse with attic

Tenure Freehold 99-years leasehold wef

August 1995

Land Area 1,310 sf 1,372 sf
Floor Area (approx.) 3,400 sf 3,800 sf
Master Plan 2014 Zoned “Commercial”
Approved use Approved for F&B use Approved for F&B use
Tenancy Ground floor is leased to
Dim Sum Inc by Crystal Jade
 Fully leased to
Wah! Kung Fu

76 Pagoda Street is located right at the entrance of the Chinatown MRT station, while 31 Pagoda Street is less than three minutes away.

conservation shophouses

image credit: JLL

The two prime three-storey conservation shophouses are readily accessible via public transportation along New Bridge Road and Cross Street.

Located within the Central Business District (CBD), the two prime three-storey conservation shophouses are within five to ten minutes’ walk to the Raffles Place district. It is easily accessible to other parts of Singapore via the Central Expressway (CTE), Marina Coastal Expressway (MCE) and Ayer Rajah Expressway (AYE).

Located in the Kreta Ayer conservation area, Pagoda Street boasts a rich history. Today, it is a popular pedestrian street which houses a plethora of shops and stalls featuring restaurants and hawkers serving authentic Chinese cuisine; retail shops selling souvenirs, antiques, clothing, jewellery and cultural knick-knacks, as well as various accommodation options such as boutique hotels and backpacker hostels. The street features a unique atmosphere and is crowded with both tourists and locals throughout the day.

During the Chinese festive seasons, the street becomes even livelier when the pedestrian walkways and roads in the area are converted into street bazaars and cultural performances and activities can be found along the thoroughfare.

Mr Clemence Lee, Senior Director, Capital Markets, JLL, said: “As one of the “must-visit” tourist destinations in Singapore, shophouses along Pagoda Street enjoy high shopper footfall around the clock and are considered the “crème de le crème” of all shophouses in Chinatown. Each of the two shophouses has its own strong attributes – 76 Pagoda Street is located in an extremely prime spot right next to the Chinatown MRT entrance, whilst 31 Pagoda Street has a coveted freehold tenure and a strong tenant covenant. We expect keen interest from investors such as boutique real estate funds, family offices and high-net-worth individuals (HNWIs).”

Shophouses on Pagoda Street are tightly held and seldom made available for sale. Notable transactions along the street include 39 Pagoda Street which sold for $12.2 million ($3,700 psf) in May 2017 and 205 & 207 New Bridge Road (located at the corner of Pagoda Street) which sold for $20.5 million ($3,535 psf) in September 2016.

The guide price for 31 and 76 Pagoda Street is in the region of $32.8 million. The two prime three-storey conservation shophouses can be sold either individually or collectively.

As the property sits on land zoned for commercial use, foreigners are eligible to purchase the property. There is no Additional Buyer’s Stamp Duty (ABSD) or Seller’s Stamp Duty (SSD) imposed on the purchase of the property.

The sale will be conducted through an Expression of Interest exercise which closes on Thursday, 6 December 2018 at 3pm.

The biggest gainers following the new property cooling measures is likely be owners of strata portfolio of offices and shophouses approved for commercial use. The property cooling measures affected almost all categories of buyers and is predicted to achieve its intended objectives of cooling demand and moderating price growth. One report said investors looking for alternatives to park their money in the wake of property cooling measures, would divert their attention to the strata office and shophouse markets as they are not subjected to this round of purchase or sales restrictions/encumbrances.

Properties such as the two prime three-storey conservation shophouses are perceived as attractive investments because they can hold their values because of their central locations and the freehold/999-year-leasehold of many of these properties. Shophouses are also valued because they give prominent presence to a business entity for them to be visible in a highly competitive environment.

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