A three-storey, conservation shophouse located on the 18th floor of Sago Street in District 1’s Chinatown area is to auction through an expression of Interest (EOI) exercise, with an estimated price that is $10 million. The land is 1,115 square feet, which is zoned for commercial uses, the shophouse is an overall floor space of 3,085 square feet. The estimated price is $3,241 per square foot determined by the floor space.
It is let, according to the marketing agency CBRE. Tenants include the Chinese bakery on the first floor and a beauty salon on the second floor and a club for recreation located on the 3rd floor.
Grand Dunman floor plan pdf fact that the magnificent Dunman Road GLS residence is located a few minutes’ drive from the Central Business District (CBD).
The shophouse is situated opposite it is the Buddha Tooth Relic Temple, an iconic landmark in the Chinatown region. It is less than 100m away from the Maxwell MRT Station (Thomson-East Coast Line) and is also in walking distance to Chinatown (Downtown as well as North-East Lines), Outram Park (East-West, North-East and Thomson-East Coast), Telok Ayer (Downtown Line) and Tanjong Pagar (East-West Line) stations.
Clemence Lee Clemence Lee, director of the capital market in Singapore at CBRE the firm, says Chinatown shops are “prized real property” in addition, the 18 Sago Street represents a “rare opportunity for savvy investors to buy a unique investment asset that is a delicious amount in a desirable place.”
The agent also suggests that there’s a possibility to increase rental yields on the property in the near future tenancy renewals considering that the previous leases were signed prior to the outbreak. “The new owner will be in a good position to profit from potential upsides in rental income and capital appreciation over the medium to long-term.”
The EOI process to the 18th floor of Sago Street will close on August 2 at 3pm.