Two prime F&B shophouses located along bustling Pagoda Street launched for sale

The properties can be sold individually or collectively

November 12, 2018

SINGAPORE – JLL, as the exclusive marketing agent, is inviting offers through an Expression of Interest (EOI) exercise for the purchase of 31 and 76 Pagoda Street, two prime three-storey conservation shophouses nestled within the heart of Singapore’s historic Chinatown district.

Salient details of the two shophouses as follows:

Address

31 Pagoda Street

76 Pagoda Street

Description

A 3-storey conservation

shophouse

A 3-storey conservation

shophouse with attic

Tenure

Freehold

99-years leasehold wef

August 1995

Land Area

1,310 sf

1,372 sf

Floor Area (approx.)

3,400 sf

3,800 sf

Master Plan 2014

Zoned “Commercial”

Approved use

Approved for F&B use

Approved for F&B use

Tenancy

Ground floor is leased to
Dim Sum Inc by Crystal Jade

 Fully leased to
Wah! Kung Fu

76 Pagoda Street is located right at the entrance of the Chinatown MRT station, while 31 Pagoda Street is less than three minutes away. Both properties are readily accessible via public transportation along New Bridge Road and Cross Street. Located within the Central Business District (CBD), the property is within five to ten minutes’ walk to the Raffles Place district. It is easily accessible to other parts of Singapore via the Central Expressway (CTE), Marina Coastal Expressway (MCE) and Ayer Rajah Expressway (AYE).

Located in the Kreta Ayer conservation area, Pagoda Street boasts a rich history. Today, it is a popular pedestrian street which houses a plethora of shops and stalls featuring restaurants and hawkers serving authentic Chinese cuisine; retail shops selling souvenirs, antiques, clothing, jewellery and cultural knick-knacks, as well as various accommodation options such as boutique hotels and backpacker hostels. The street features a unique atmosphere and is crowded with both tourists and locals throughout the day.

During the Chinese festive seasons, the street becomes even livelier when the pedestrian walkways and roads in the area are converted into street bazaars and cultural performances and activities can be found along the thoroughfare.

Mr Clemence Lee, Senior Director, Capital Markets, JLL, said: “As one of the “must-visit” tourist destinations in Singapore, shophouses along Pagoda Street enjoy high shopper footfall around the clock and are considered the “crème de le crème” of all shophouses in Chinatown. 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 (HNWIs).”

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 & 207 New Bridge Road (located at the corner of Pagoda Street) which sold for $20.5 million ($3,535 psf) in September 2016.

The guide price for 31 and 76 Pagoda Street is in the region of $32.8 million. The properties can be sold either individually or collectively.

As the property sits on land zoned for commercial use, foreigners are eligible to purchase the property. There is no Additional Buyer’s Stamp Duty (ABSD) or Seller’s Stamp Duty (SSD) imposed on the purchase of the property. 

The sale will be conducted through an Expression of Interest exercise which closes on Thursday, 6 December 2018 at 3pm.

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Note to editors:

1.    For a high-resolution photograph of 31 Pagoda Street, please click here.

2.    For a high-resolution photograph of 76 Pagoda Street, please click here.