Once in a blue moon, shophouses on Pagoda Street, Chinatown come up for sale like a flash.
In September 2016, a corner property at Pagoda Street (and New Bridge Road) changed hands for $20.5 million ($3,535 psf).
In May 2017, No.39 on the street exchanged for $12.2 million ($3,700 psf).
For this year, the shophouses at 31 and 76 of the Street are up for collective sale around $32.8m. They also have the option to be bought individually.
These three-storey conservation shophouses possess necessary approval for F&B business.
The 76 Pagoda Street is situated right next to Chinatown MRT entrance. It is a shophouse with attic and has a leasehold tenure of 99 years.
It is presently leased to Wah! Kung Fu, a Hunan cuisine Chinese Restaurant.
The 31 Pagoda Street sits snugly on a freehold property. It houses the Cantonese culinary king, Crystal Jade’s Dim Sum Inc.
With JLL taking reins for a smooth transaction through EOI (Expression of Interest), it targets HNWIs (High Net Worth Individuals), Private Wealth Management Advisory Firms, Boutique Real Estate Agencies etc.
Being zoned commercial under Master Plan 2014, it seeks foreign investments too. Experts know that it is quite a bargain with no ABSD (Additional Buyer’s Stamp Duty) or and SSD (Seller’s Stamp Duty) charges.
JLL’s Senior Director of Capital Markets Clemence Lee is highly enthusiastic about the deal.
As a destination to soak in local culture, Pagoda Street finds place in every tourist itinerary.
Being conserved, they retain the rich 1822 Raffles Town Plan. With a unique vibe of cultural heritage and modern facilities, it offers souvenirs and goodies to attract every visitor.
So, it is not a surprise that these shophouses are unavailable for sale often.
Owners treasure them as a golden goose with steady income.
With many investors vying for opportunities like this, JLL is expected to have received a high turnout for its EOI exercise that closed at 3pm on Dec 6, 2018.