The prized heritage collection in prime CBD launches for sale

Savills Singapore, as the exclusive marketing agent, said that it is proud to offer for sale The Heritage Collection, a rare and tightly held portfolio of coveted conservation graded properties strategically located within the heart of Chinatown, Central Business District

The Heritage Collection consists of a series of rare adjoining shophouses in the prime locations of Mosque Street and Pagoda Street. Salient details of the properties are as follows:

42, 43, 44, 45 Mosque Street

Located in the heart of historic Chinatown and just 3 minutes’ walk from Chinatown MRT Interchange Station, 42, 43, 44, 45 Mosque Street is located amongst Singapore’s most famous cultural landmarks.

The property is an architectural gem which was reinforced, restored and reconfigured in 2003. Through thoughtful restoration work, this urban landscape was rejuvenated and upgraded to ensure continued relevance and functionality with modern times, whilst carefully preserving its linkages to a rich historical past.  In recognition of the property’s beautiful and sensitive restoration which retained the inherent spirit of its original social and cultural history, the property received the Urban Redevelopment Authority’s Architectural Heritage Award in 2006.

42, 43, 44, 45 Mosque Street has a combined land area of approximately 8,804 square feet, with a gross floor area (GFA) of approximately 34,238 square feet.  In addition, there is a 2,200 square feet of open terrace space with beautiful landscape on the second floor. Strategically located in the centre of Mosque Street, the property enjoys prominent main road frontage of approximately 50 metres on a vibrant street with an eclectic mix of modern and traditional business establishments as neighbours.

The Property consists of an adjoining series of four-storey with mezzanine level shophouses, served by well-sized modern staircase access and lifts which provide convenience to upper floors. The ground floor units are currently occupied by restaurants, and the upper floors consist of 22 offices and apartment units with shared amenities such as a meeting room, gymnasium and jacuzzi.

Ms Yap Hui Yee, Director, Investment Sales & Capital Markets at Savills Singapore, said: “Beautifully restored and located in the beating heart of the Chinatown district, this row of adjoining shophouses, as an award-winning commercial building, is a rare and limited asset which will be very well sought-after by astute buyers who appreciate its strong underlying value.

In terms of cultural significance, Singapore’s Chinatown is one of the first to mind for many locals and foreigners alike. It is an evergreen address that features prominently in the Government’s plans to reinforce Singapore as a global city with rich cultural offerings. The additional advantage of this property is its’ access to the Central Business District, with key financial and international companies located within a short walk away.

Given its sizeable area of over 34,000 square feet, distinctive presence and rare communal areas, this property offers an array of possibilities for buyers who wish to purchase their own corporate headquarters or flagship store with naming and signage rights. Value-added potentials such as refurbishment works to reconfigure the layout to suit an exclusive members’ club as well as coworking, coliving concepts could be explored, subject to relevant approvals.”

54, 56 Pagoda Street

Pagoda Street is arguably the preeminent address of Chinatown. Located at the doorstep of Chinatown MRT Interchange MRT station, Pagoda Street is usually the first point of entry for most people into Chinatown district. As such, it enjoys extremely high footfall around the clock. It houses a plethora of shops, food and beverage (F&B) outlets and entertainment establishments and is flanked by prominent heritage landmarks and national monuments in the vicinity, such as Chinatown Heritage Centre, Buddha Tooth Relic Temple, The Masjid Jamae (or Chulia Mosque) and Sri Mariamman Temple.

54, 56 Pagoda Street is a pair of three-storey with mezzanine level shophouses, sitting on a land area of approximately 3,010 square feet, with a total floor area of approximately 9,226 square feet. The ground floors are occupied by retail shops and the upper floors are being leased to multinational corporation tenants. This property is a mere one minute’s walk from the Chinatown MRT Interchange Station entrance. The property benefits from a fully sheltered Additional Retail Area on the pedestrianized street, licenced from the Chinatown Business Association.

Ms Yap said: “With the flurry of sales activity in the shophouse market over the past few quarters, particularly in the prime Chinatown and Central Business District, it is timely to launch the sale of this property. It presents a rare opportunity to acquire a pair of shophouses with strong catchment and tenant covenant. With its excellent attribute, we expect strong interest from investors such as family offices, high-net-worth individuals and boutique real estate funds.”

Some of the notable transactions along the street include 31 Pagoda Street at $16.25 million ($4,779 per square foot) in October 2019, 76 Pagoda Street which was sold for $13.3 million ($3,500 per square foot) in July 2019, and 39 Pagoda Street which sold for $12.2 million ($3,700 per square foot) in May 2017.

The Heritage Collection Portfolio

As the properties sit on land zoned for ‘Commercial’ use, foreigners and companies are eligible to purchase the properties. There is no Additional Buyer’s Stamp Duty (ABSD) and Seller’s Stamp Duty (SSD) payable.

“The indicative guide price for the entire portfolio of properties at Mosque Street and Pagoda Street is $141 million. This portfolio of shophouses are held under a Special Purpose Vehicle (SPV) company and there will be savings on the Stamp Duty on the purchase of the company for the entire portfolio.”, added Ms Yap.

The EOI exercise for The Heritage Collection will close at 3pm on Thursday, 5 March 2020.