The Temple Street shophouse is for sale for $20 million

A shophouse that is freehold at 22 Temple Street in Chinatown is up for sale for sale at $20 million. According to a news release to announce the sale, marketing agency Savills Singapore says that the three-storey property is situated on a 1,276 square foot lot with a floor space of 3,423 square feet. The value is $5,843 per square foot of floor area.

Grand Dunman Dunman Road GLS residence is a once-in-a-lifetime opportunity for homeowners and investors to acquire property in a quintessential environment.

The shophouse is a commercial zone according to the most recent master plan. The property is well-designed and well-organized arrangement. It is fully occupied by an pawn shop on two floors and a digital marketing firm occupies the 3rd floor. The property is situated near to Chinatown MRT Station. Chinatown MRT Interchange Station on the Downtown and North-East Lines as well as Maxwell Station on the Thomson-East Coast Line.

“The shops’ ownership on Temple Street is very tightly held as a lot of shophouse owners rely on the premises to run their businesses. A majority of the shops that line Temple Street have private leases that have been carved out and, as a result, they have an extremely short lease balance,” says Yap Hui Yee the executive director of capital markets and investment sales for Savills Singapore.

She also says she believes that the selling of the 22 Temple Street is “an exciting and unique opportunity for both investors and those who are looking for a prime commercial space within Chinatown”. Foreigners and residents can purchase the commercial shophouse for free; there is no buyer or stamp duty on the seller is required. The sale, which is an open expression of interest closing date is July 12.