18 Sago Street (second shophouse from left) (Picture: CBRE)
SINGAPORE (EDGEPROP) - A three-storey conservation shophouse at 18 Sago Street in District 1’s Chinatown area is up for sale via an expression of interest (EOI) exercise with a guide price of $10 million. Occupying a land area of 1,115 sq ft zoned for commercial use, the shophouse has a total floor area of about 3,085 sq ft. The guide price is $3,241 psf, based on the floor area. (Find Singapore commercial properties with our commercial directory)
The shophouse is currently fully leased, says marketing agent CBRE. Tenants comprise a Chinese dessert shop on the ground floor, a beauty salon on the second floor, and a recreation club on the third floor.
The shophouse is located opposite the Buddha Tooth Relic Temple, a landmark in the Chinatown area. It is also less than a 100m from the Maxwell MRT Station (Thomson-East Coast Line) while also being within walking distance of Chinatown (Downtown and 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, executive director of capital markets in Singapore at CBRE, says Chinatown shophouses are “prized real estate”, and 18 Sago Street represents a "rare opportunity for astute investors to acquire a charming asset of a palatable investment quantum in a superior location.”
He adds there is potential to enhance rental yields on the property at upcoming tenancy renewals, given that the existing tenancies were signed during the pandemic. “The incoming owner will be well-positioned to capitalise on potential rental upsides and capital appreciation in the mid to long term.”
The EOI exercise for 18 Sago Street will close on Aug 2 at 3pm.
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