Two prime Chinatown shophouses in Pagoda Street on sale for around $32.8m

The two shophouses are a freehold and a 99-year leasehold property located respectively at 31 and 76 Pagoda Street.
The two shophouses are a freehold and a 99-year leasehold property located respectively at 31 and 76 Pagoda Street.PHOTOS: JLL

SINGAPORE - JLL, as the appointed exclusive marketing agent, is calling offers for the purchase of two prime three-storey conservation shophouses in Singapore's historic Chinatown district.

The two shophouses are a freehold and a 99-year leasehold property located respectively at 31 and 76 Pagoda Street. Both properties are zoned "commercial" and have been approved for use as food and beverage outlets.

Foreigners are eligible to purchase either of the properties and no additional buyer's stamp duty or seller's stamp duty would be imposed on their purchases.

JLL said the guide price for the two shophouses is "in the region of $32.8 million". These properties can be sold either individually or collectively.

JLL's senior director of capital markets Clemence Lee said: "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."

JLL said 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 and 207 New Bridge Road, at the corner of Pagoda Street, which went for $20.5 million ($3,535 psf) in September 2016.

The latest sale will be conducted through an expression of interest exercise which closes on Dec 6, 2018, at 3pm.