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Chinatown shophouses up for sale with S$141m guide price
A PORTFOLIO of conservation shophouses in Chinatown has been launched for sale via an expression of interest exercise, with a guide price of S$141 million.
One of the properties consists of adjoining shophouses located at 42, 43, 44, 45 Mosque Street, while the other is at 54, 56 Pagoda Street, exclusive marketing agent Savills Singapore said on Wednesday.
The Mosque Street property sits on a combined land area of around 8,804 square feet (sq ft), with a gross floor area of about 34,238 sq ft. It has four storeys with a mezzanine level. Restaurants occupy the ground floor units, while the upper floors house 22 offices and apartments with shared amenities such as a meeting room, gymnasium and jacuzzi.
The Mosque Street property has a main road frontage of around 50 metres, Savills said. It was also reinforced, restored and reconfigured in 2003.
Yap Hui Yee, Savills Singapore director of investment sales and capital markets, said the property offers an array of possibilities for buyers wishing to purchase their corporate headquarters or flagship store with naming and signage rights.
"Value-added potentials such as refurbishment work to reconfigure the layout to suit an exclusive members' club as well as coworking, coliving concepts could be explored, subject to relevant approvals," Ms Yap said.
Meanwhile, the three-storey property at Pagoda Street is at the doorstep of Chinatown MRT station. It has a land area of 3,010 sq ft and a total floor area of 9,226 sq ft.
Retail shops occupy the ground floor, while multinational corporations are leasing the upper floors. The property is also right beside a fully-sheltered additional retail area on a pedestrianised street licensed from the Chinatown Business Association.
"With its excellent attributes, we expect strong interest from investors such as family offices, high-net-worth individuals and boutique real estate funds," Ms Yap said.
The entire portfolio of the Mosque Street and Pagoda Street shophouses is named The Heritage Collection and held under a special purpose vehicle company.
As the properties sit on land zoned for commercial use, foreigners and companies are eligible to purchase the portfolio. "There will be savings on the stamp duty on the purchase of the (special purpose vehicle) company for the entire portfolio," Ms Yap said.
The expression of interest exercise for the portfolio will close at 3pm on March 5.