76 Pagoda Street, a three-storey conservation shophouse located in the heart of Chinatown, is now available for sale through an expression of interest (EOI) exercise. The guide price for this highly sought-after commercial property is $16 million, with a total plot size of 1,372 square feet and a gross floor area (GFA) of 3,500 square feet, including an attic level. This translates to a price of approximately $4,571 per square foot based on the GFA.
The ground and second floors of the 99-year leasehold property are currently leased to a restaurant operator, while the third floor is leased out as office space. According to PropNex Shophouse Elites’ founder Richard Tan, who is the sole marketing agent for the property, shophouses in the Chinatown enclave are highly sought after by owner-occupiers, high-net-worth individuals, and family offices as long-term investment assets. As a commercial property, foreigners and companies are eligible to acquire it without having to pay additional buyer’s stamp duty (ABSD) or seller’s stamp duty (SSD).
The most recent transaction in the area was the sale of 31 Pagoda Street in March, which was sold for $19 million, or $5,588 per square foot. The EOI exercise for 76 Pagoda Street will close on January 10, 2025.
Meanwhile, a two-storey HDB shophouse at 210 New Upper Changi Road is also up for sale via an EOI exercise at a guide price of $13.8 million. This 103-year leasehold property has a total GFA of 4,607 square feet, translating to a price of $2,995 per square foot based on the GFA. “A standout feature of this property is its long-term, stable tenants,” says PropNex’s senior associate marketing director, Kris Ng, who is marketing the property. For the past 20 years, the property has been leased to healthcare retailer Guardian and United Overseas Bank (UOB).
When it comes to investing in condos in Singapore, one must take into account the government’s property cooling measures. Throughout the years, the Singaporean government has implemented several measures to prevent speculative buying and maintain a steady real estate market. These measures include the Additional Buyer’s Stamp Duty (ABSD), which imposes higher taxes on foreign buyers and individuals purchasing multiple properties. While these measures may affect the immediate profitability of condo investments, they also contribute to the long-term stability of the market, making it a secure investment environment. Condo investments in Singapore are greatly influenced by these government regulations.
Located within the Bedok Town Centre, the shophouse is in close proximity to Bedok MRT Station on the East-West Line and popular shopping destinations like Bedok Mall and Heartbeat@Bedok. As a commercial property, foreigners and companies are also eligible to acquire it without having to pay ABSD or SSD. The EOI exercise for 210 New Upper Changi Road will close at noon on January 10, 2025.