.jpg?Zyk2vypHSwwRiKCsVtdYSfI9Kf3FyDrZ&itok=TXFgwNnr "The guide price translates to $3,897 psf on the shophouses' existing floor area of 9,162 sq ft (Picture: CBRE)")
A pair of conservation shophouses at 54 and 56 Pagoda Street in Chinatown are up for sale through an expression of interest (EOI) exercise. The three-storey properties have a guide price of $35.7 million, which translates to $3,897 psf on the existing floor area of 9,162 sq ft.
The shophouses occupy a land area of 3,010 sq ft zoned for commercial use. They have a 12m-wide frontage along the pedestrianised Pagoda Street, which forms part of the wider Chinatown Street Market shopping corridor that extends to Trengganu Street, Smith Street and Sago Lane. The properties are located close to the corridor’s entrance with fully sheltered access to the Chinatown MRT Interchange.
A map showing the location of 56 Pagoda Street (Source: EdgeProp Landlens)
According to CBRE, the exclusive marketing agent for the shophouses, both properties are fully tenanted to retail units on the ground floor and offices on the upper floors. The firm adds that two shop front units in front of the property can be leased from the Chinatown Business Association (CBA), allowing tenants to expand their premises for business use.
Clemence Lee, executive director of capital markets, Singapore, at CBRE, says the shophouses’ location in a popular tourist destination enables them to enjoy strong foot traffic throughout the day. He adds that the area will see further rejuvenation following the tender award for the integrated management of 13 adjoining shophouses on Smith Street. CBA won the tender to appoint a single master tenant to oversee the historic shophouses last August.
According to Lee, the revitalised Chinatown Food Street will include new F&B offerings from Starbucks, Boon Toong Kee and Killiney, along with a new flagship co-living space by Habyt and Peranakan kebaya rental studio Elegance of Nanyang.
The EOI for the shophouses will close on May 13 at 3pm.
