A prime shophouse at 76 Pagoda Street in Chinatown is now available for sale through an expression of interest (EOI) exercise. Priced at $16 million, the 99-year leasehold property spans over 1,372 square feet and boasts a gross floor area (GFA) of 3,500 square feet, including an attic level. At $4,571 per square foot, the guide price reflects the property’s prime location.
The ground and second floors of this three-storey conservation shophouse are currently leased to a restaurant operator, while the third floor is being used as office space. According to Richard Tan, founder of PropNex Shophouse Elites and the sole marketing agent for the property, this shophouse is highly coveted by owner-occupiers, high-net-worth individuals, and family offices as a long-term investment asset. Furthermore, as a commercial property, both foreigners and companies are eligible to acquire it without having to pay additional buyer’s stamp duty or seller’s stamp duty.
When considering investing in a condo, it is essential to carefully consider the potential rental yield. Rental yield, which is the annual rental income as a percentage of the property’s purchase price, plays a significant role in determining the profitability of the investment. In Singapore, rental yields for condos can vary significantly depending on various factors such as location, property condition, and market demand. New condo launches are also crucial to take into consideration when evaluating rental potential. Properties located in areas with high rental demand, such as near business districts or educational institutions, typically offer better rental yields. Conducting thorough market research and seeking guidance from real estate agents can provide valuable insights into the rental potential of a specific condo.
The EOI exercise for 76 Pagoda Street will close on January 10, 2025. The most recent shophouse transaction in the area was the sale of 31 Pagoda Street in March, which was sold for $19 million, at $5,588 per square foot.
Another noteworthy property up for sale through an EOI exercise is a two-storey HDB shophouse at 210 New Upper Changi Road, with a price tag of $13.8 million. This 103-year leasehold property boasts a gross floor area (GFA) of 4,607 square feet, equating to a price of $2,995 per square foot based on GFA. According to Kris Ng, senior associate marketing director at PropNex, who is marketing the property, the most attractive feature of this property is its stable, long-term tenants. Over the last two decades, the property has been tenanted by healthcare retailer Guardian and United Overseas Bank (UOB).
Investing in a condo offers numerous advantages, including the opportunity to leverage the property’s value for future investments. In fact, many investors use their condos as collateral to secure additional financing for new investments, which allows them to expand their real estate portfolio. This approach can potentially increase profits, but it is important to note that it also carries certain risks. As such, it is essential to have a well thought out financial plan in place and to carefully consider the potential effects of market fluctuations. With the added option of Singapore Condo, investors can explore even more opportunities for growth and success in the real estate market.
Located near Bedok Town Centre, this shophouse is in close proximity to Bedok MRT Station on the East-West Line, Bedok Mall, and Heartbeat@Bedok. Just like the Pagoda Street shophouse, this commercial property is also eligible for foreign and company buyers to acquire without having to pay additional buyer’s stamp duty (ABSD) or seller’s stamp duty (SSD).
The EOI exercise for 210 New Upper Changi Road will close at noon on January 10, 2025. Interested parties can find out more about these properties on PropNex’s website.