Pagoda St Shophouses fetch top notch price

A member of the family behind Gudang Garam (Indonesian cigarette maker) bought a pair of adjoining shophouses along Pagoda Street at the busy entrance/exit of Chinatown MRT Station). The price of 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.The land size is 2010 sqft with a 999-year leasehold tenure from 1875. The estimated build up area is 5700 sqft.

Homegrown boutique property outfit TG development is selling the properties.

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