Gudang Garam family member pays top notch price for Pagoda St shophouses
S$20m for the two adjoining 999-year shophouses translates to S$3,500 psf on built-up area and reflects just 1.8% gross yield based on current rental income
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Kalpana Rashiwala
Singapore
A MEMBER of the family behind Indonesian cigarette maker Gudang Garam is understood to have bought a pair of adjoining shophouses along Pagoda Street, at the busy entrance/exit of Chinatown MRT Station.
The price of S$20 million works out around S$3,500 per square foot based on the estimated built-up area of 5,700 sq ft.
