22 Sago Street (first shophouse from left) (Picture: PropNex Shophouse Elites)
SINGAPORE (EDGEPROP) - A three-storey conservation shophouse on Sago Street in Chinatown is up for sale via an expression of interest (EOI) exercise. The property, which has a land area of 1,067 sq ft zoned for commercial use and a total floor area of 2,929 sq ft, has a guide price of $13.3 million. This works out to $4,450 psf based on the floor area.
The shophouse is currently fully leased, according to PropNex Shophouse Elites, which is the appointed marketing agent for the property. A restaurant occupies the ground floor, while the two upper floors are tenanted as offices.
Map showing 22 Sago Street (Source: EdgeProp LandLens)
The shophouse is located opposite the Buddha Tooth Relic Temple, a landmark in the Chinatown area. It is also less than 100m from 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 Lines), Telok Ayer (Downtown Line) and Tanjong Pagar (East-West Line) stations.
Read also: Upper Paya Lebar Road shophouse for sale at $8.8 mil
“Commercial conservation shophouses, particularly those in prime central locations such as Chinatown, are constantly sought after by investors, including private real estate funds, family offices and high-net-worth individuals,” says Wilkie Tay, senior associate director at PropNex Realty, and one of the agents of PropNex Shophouse Elites.
Foreigners and corporates are eligible to purchase the commercial property with no additional buyer’s stamp duty (ABSD) or seller’s stamp duty (SSD).
Recent commercial transactions on Sago Sreet, based on caveats lodged (Source: EdgeProp Research)
The EOI exercise for 22 Sago Street will close on Dec 7 at 3pm.