Two refurbished shophouses up for grabs at Pagoda Street

The adjoining 3.5-storey units are for sale by expressions of interest until 27 July, 3 pm.

Knight Frank Singapore announced that the adjoining refurbished conservation shophouses are located at 36 & 38 Pagoda Street, which is a street located in Chinatown within the Outram Planning Area.

The road links New Bridge Road and South Bridge Road, but has since been converted to a pedestrian mall with the construction of an entrance to Chinatown MRT Station at its New Bridge Road end.

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Located just 150 meters away from the Chinatown MRT station, both shophouses enjoyed a continuous flow of shoppers and tourists.

“As they are 100% leased out, they are ideal properties to acquire for mid to long term investment purposes and capital appreciation. They are likened the rare and exquisite gems for collectors of shophouses!,” said Mary Sai, Executive Director for Commercial Sales at Knight Frank Singapore. If rents are marked to prevailing market rates, it will yield a gross monthly income of between $30,000 and $35,000 per unit per month.

The two adjoining 3-and-a-half storey units have an indicative guide price of between $12 and $13 million.

“Going by recent records of comparable shophouse sales, such units could easily fetch between $6 and $7 million each depending on the rental yield, land and floor sizes. Some owners of shophouses in the vicinity are currently asking for about $8 million each,” added Mary.