A 99-year leasehold conservation shophouse at 72 Pagoda Street has been put up for sale with a guide price of $15 million. SRI is the appointed marketing agent overseeing the sale.
The three-storey plus attic shophouse is situated on a 1,327 sq ft plot with an estimated built-up area of about 3,407 sq ft. This translates the guide price to $4,403 psf based on built-up area.
The property is located within the Chinatown Kreta Ayer Conservation Area and is zoned for commercial use. The property is currently tenanted to a restaurant with approved food & beverage usage.
The shophouse sits directly in front of an underpass that leads to Chinatown MRT Interchange which connects the North-East and Downton Lines. Thus, the area sees high pedestrian footfall throughout the day.
According to Bruce Lye, managing partner of SRI, 72 Pagoda Street presents a rare opportunity to own a piece of historic Singapore, coupled with a high rental yield for any savvy investor.
The sale of the shophouse will be conducted through an expression of interest exercise that closes on November 11.
Recent shophouse transactions in the Kreta Ayer Conservation Area (Source: URA, EdgeProp Singapore)
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