Pair of adjoining shophouses at in Chinatown for sale at $32.5 mil

Ashley Lo

/ EdgeProp Singapore

February 25, 2026 5:10 PM SGT

ashley.lo@edgeprop.sg

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The shophouses have a combined land area of approximately 3,011 sq ft and a total floor area of 9,162 sq ft (Photo: Cushman & Wakefield)

A pair of adjoining conserved heritage shophouses at 54 and 56 Pagoda Street is on the market for $32.5 million. The properties will be sold via an expression of interest (EOI) exercise by Cushman & Wakefield.

Located in the Chinatown heritage area, the shophouses are just a one-minute walk away from the Chinatown MRT Interchange, which serves both the North-East and Downtown lines. The shophouses sit on two separate land titles, with a combined land area of approximately 3,011 sq ft and have a total floor area of 9,162 sq ft. Hence, the guide price translates to $3,547 psf on the floor area.

Cushman & Wakefield says the ground floor space has been granted retail approval, and enjoys “strong patronage and consistent footfall” from locals and tourists alike. Ground floor tenants, it adds, further benefit from an Outside Refreshment Area (ORA) that sits in front of the shophouses.

Meanwhile, the upper floors — comprising the second, third and mezzanine levels — are currently leased to office tenants. These offer efficient layouts with modern finishes, in-unit washrooms and near full-height windows.

The agency adds that the fully tenanted properties offer prospective buyers immediate income, with an estimated rental yield of 3.5% on the asking price.

Sophia Lim, director at Cushman and Wakefield, notes: “Opportunities to acquire adjoining conserved shophouses on this street are rare, particularly a fully tenanted pair with prominent frontage and immediate income.” Against this backdrop, she anticipates interest from investors looking for stable income-generating assets supported by strong locational fundamentals.

“The prominent frontage along Pagoda Street, coupled with the strong pedestrian catchment and modernised upper-floor spaces, positions this asset as a resilient long-term hold within a tightly supplied heritage segment,” adds Shaun Poh, executive director at Cushman & Wakefield.

The EOI exercise will close on April 1 at 3pm.

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