Finding the perfect location is key when it comes to investing in real estate, and this is especially true in Singapore. In this country, condos in prime locations or those in close proximity to essential amenities, such as schools, shopping malls, and public transportation hubs, tend to have higher appreciation in value. Excellent examples of these highly sought-after areas include Orchard Road, Marina Bay, and the Central Business District (CBD), all of which have consistently shown growth in property values over the years. Additionally, condos located in these areas are also in high demand among families due to their proximity to reputable schools and educational institutions, making them even more attractive investments. For those considering investing in real estate in Singapore, a Singapore Condo in a prime location would be a wise choice.
76 Pagoda Street, a three-storey conservation shophouse in Chinatown, is currently available for purchase through an expression of interest (EOI) exercise. Priced at $16 million, the 99-year leasehold commercial property occupies 1,372 sq ft of land and has a total gross floor area of 3,500 sq ft, including an attic level. This translates to a guide price of approximately $4,571 psf based on the GFA.
Richard Tan, founder of PropNex Shophouse Elites and the sole marketing agent for the property, reveals that the ground and second floors are currently rented out to a restaurant operator, while the third floor is leased as office space. He adds that shophouses, especially those in Chinatown, are highly sought after by owner-occupiers, high-net-worth individuals, and family offices as long-term investment assets. Foreigners and companies can acquire the property without having to pay additional buyer’s stamp duty or seller’s stamp duty, as it is a commercial property.
The most recent shophouse transaction in Pagoda Street was the sale of 31 Pagoda Street in March, which was sold for $19 million ($5,588 psf) and has an estimated GFA of 3,400 sq ft. The EOI exercise for 76 Pagoda Street will close on January 10, 2025.
In a separate sale, a two-storey HDB shophouse located at 210 New Upper Changi Road is also available for purchase via an EOI exercise. With a guide price of $13.8 million, the 103-year leasehold property has a GFA of 4,607 sq ft, resulting in a price of $2,995 psf based on GFA. Kris Ng, senior associate marketing director at PropNex, who is marketing the property, highlights the property’s stable and long-term tenants, which include healthcare retailer Guardian and United Overseas Bank (UOB). The shophouse is situated in the Bedok Town Centre and is in close proximity to Bedok MRT Station, Bedok Mall, and Heartbeat@Bedok.
Similar to the Pagoda Street shophouse, foreigners and companies can acquire the property without paying ABSD or SSD as it is a commercial property. The EOI exercise for 210 New Upper Changi Road will also close on January 10, 2025.
In summary, Pagoda Street shophouse is available for purchase at $16 million, while the two-storey shophouse on New Upper Changi Road is priced at $13.8 million. Both properties are open for EOI exercise until January 10, 2025, and are attractive options for long-term investment by owner-occupiers, high-net-worth individuals, and family offices.