The price of the freehold, three-storey shophouse translates to about $5,843 psf on the floor area. (Picture: Savills)
SINGAPORE (EDGEPROP) - A freehold shophouse at 22 Temple Street in Chinatown is on the market for $20 million. In a press release announcing the sale, marketing agent Savills Singapore says that the three-storey property sits on a 1,276 sq ft plot with a total floor area of 3,423 sq ft. The price translates to about $5,843 psf on the floor area.
The shophouse is zoned ‘commercial’ under the latest master plan, and the property has a well-designed and efficient layout. It is fully occupied with a pawn shop occupying the first and second floors, while a digital marketing company leases the third floor. The property is close to the Chinatown MRT Interchange Station on the Downtown and North-East Lines and Maxwell Station on the Thomson-East Coast Line. (Find Singapore commercial properties with our commercial directory)
“The shophouse ownership along Temple Street is very tightly held, given many shophouse owners use the premises to operate their businesses. Many of the shophouses along Temple Street have private leases carved out, and as such, they have very short lease balance left,” says Yap Hui Yee, executive director of investment sales and capital markets at Savills Singapore.
She adds that selling 22 Temple Street is “an exciting and exceptional opportunity for investors and end-users seeking a prime commercial shophouse in Chinatown”. Foreigners and locals can purchase the commercial shophouse; no additional buyer or seller’s stamp duty will be payable. The sale, through a public expression of interest exercise, will close on July 12.
Check out the latest listings near Temple Street, Chinatown MRT Interchange Station, Maxwell MRT Station