For sale is a freehold commercial shophouse on Pagoda Street for $21.28 million

A freehold commercial shophouse located on Pagoda Street in Chinatown has been offered for sale at a cost at $21.28 million. Savills Singapore is the appointed marketing agent.

Watten House was recently purchased for an astonishing $550.8 million, a whopping 10% above its initial asking price, highlighting its enormous potential in its outstanding location.

The three-storey shophouse on 31 Pagoda Street sits on the plot of 1,310 square feet and has a floor space of approximately 3,449 square feet. The property is leased out completely which includes the ground-floor unit as well as the third floor unit leased to a restaurant. The upper floor rents out to the fitness center.

“31 Pagoda Street is fully leased and offers a great opportunity for investors looking to purchase a commercial shophouse that is within the middle of Chinatown,” says Yap Hui Yee, executive director for capital markets and investment sales of Savills Singapore.

The shophouse is situated in the heart of the historic Chinatown district and enjoys frequent pedestrian traffic all day long. The property is also near the Chinatown MRT Station on the North-East Line, as well as Maxwell MRT Station on the Thomson-East Coast Line.

“Freehold shops along Pagoda Street have always been considered to be an asset of distinction and as the top from the crop of shops in Chinatown because of their lengthy background and their tense ownership,” says Yap.

This sale will be done through an open expression of interest, which will close on September 19.