Two adjoining commercial shophouses in Chinatown have been put up for sale at an indicative asking price of S$30 million.
The units, 54 and 56 Pagoda Street, are on the main pedestrian thoroughfare in the heart of Chinatown.
They have a combined land area of 3,010 sq ft and a built-in area of 9,226 sq ft.
Under the Master Plan 2014, the three and a half-storey conservative shophouses are zoned “commercial” within the Kreta Ayer Historic District.
They are fully occupied. The ground floor is leased to two retail shops, and the upper floors, accessible via an external staircase, are leased to three office tenants. Both units have a 99-year leasehold tenure that began on Oct 30, 1995.
Christina Sim, director of capital markets at Cushman & Wakefield, said: “This sale represents a rare opportunity to own two units in the heart of busy Chinatown with its unique history and heritage. We expect interest to come from traditional homegrown house brands within Chinatown that require tremendous visibility for their business, high-net-worth investors and institutional funds seeking a trophy heritage property in downtown Singapore.”
Cushman & Wakefield has been appointed to sell the shophouses; the Expression of Interest will close at 3 pm on Nov 27.
The shophouses are just 50m from Chinatown MRT station, and enjoy significant pedestrian footfall throughout the year, especially during key festivals such as the Lunar New Year and the Mid-Autumn Festival.
Other nearby tourist attractions include the Chinatown Heritage Centre, Sri Mariamman Temple and the Buddha Tooth Relic Temple. The Tanjong Pagar office sub-market is a stone’s throw away.
A small section of Everton Road has become memory lane. An amah, or housemaid, handwashes her kebayas and sarongs in a metal tub. Around the corner, a boy reads an Old Master Q comic while drinking Green Spot, as another gets an old-school haircut. Coffee in a Milkmaid can ” hangs” from a pipe.
The lifelike images of Singapore’s past are the work of Mr Yip Yew Chong, 46, who has lived near Everton Road and walked along that same road every day for about 20 years.
He was inspired last year after seeing the murals in Kampong Glam painted by Mr Ernest Zacharevic, a Lithuanian whose street art in George Town, Penang, has become a tourist attraction.
But the self-taught artist started thinking seriously about his own project only after he quit his accountant job three months ago to pursue other interests.
Singapore’s street art is mostly found on the sides of shophouses or in alleyways. Here are several places to go:
•Jalan Klapa and Jalan Pisang, near Victoria Street
•Junction of Joo Chiat Terrace and Everitt Road
•Junction of Bukit Timah Road and Anamalai Avenue
•Alley between The Substation and the Peranakan Museum in Armenian Street