A pair of adjoining conserved heritage shophouses in Chinatown are up for sale at a guide price of $32.5 million or $3,547 per sq ft on the floor area, announced Cushman & Wakefield, the exclusive marketing agent on Feb 25.
Located on 54 and 56 Pagoda Street, and just a minute’s walk away from Chinatown MRT Interchange on the Northeast and Downtown lines, the properties sit on two separate land titles with a combined land area of around 3,011 sq ft and a total built-up area of around 9,162 sq ft.
“Pagoda Street is arguably the most coveted address within Chinatown and the heartbeat of the entire conservation precinct. Opportunities to acquire adjoining conserved shophouses on this street are rare, particularly a fully tenanted pair with prominent frontage and immediate income,” says Sophia Lim, director at Cushman & Wakefield.
The properties are approved for shop use on the ground floor and are said to enjoy strong patronage and consistent footfall from locals and tourists. Ground floor tenants will also be able to leverage the outdoor refreshment area (ORA) or alfresco area directly in front of the shophouses.
The second, third and mezzanine floors, which feature regular and efficient layouts, are leased to office tenants. They also come with modern finishes, in-unit washrooms and near full-height windows.
“Given its immediate proximity to Chinatown MRT Interchange and consistent year-round footfall, we expect interest from investors seeking stable income assets with strong underlying locational fundamentals,” Lim adds.
