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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

Kalpana Rashiwala

Published Mon, Mar 9, 2015 · 09:50 PM

Singapore property

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.

Each shophouse has three storeys and an attic; and the two units are on a single land lot of 2,010 sq ft with a 999-year leasehold tenure from 1875.

Homegrown boutique property outfit TG Development is selling the properties, which are currently generating a combined rental income of S$30,000 a month - reflecting 1.8 per cent gross yield based on…

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