For Sale via Expression of Interest: rare and unique opportunity to own a pair of exquisite Conservation Shophouses lined along Chinatown’s most acclaimed tourist corridor – Pagoda Street

Singapore, 8 April 2025 – CBRE, as the exclusive marketing agent, is offering for sale a pair of 3-storey conservation shophouses with attics at 54 and 56 Pagoda Street (“the Properties”). The sale will be conducted through an Expression of Interest exercise, which will close on Tuesday, 13 May 2025, at 3pm.

Occupying a prime, street-fronting land plot with a total land area of 3,010 sq ft and a total floor area of approximately 9,162 sq ft, the shophouses command one of the most prestigious commercial addresses in the Chinatown Historic District and in the Central Business District (CBD). Furthermore, there are two shop front units in front of the Property that can be leased from the Chinatown Business Association (CBA), allowing tenants to expand their premises for business use. Presently, both properties are fully tenanted to retail units on the ground floor and offices from the second floor to the attic, providing the incoming investor with immediate rental income.

The indicative guide price for the Properties is S$35.7 million, or approximately $3,897 psf on the existing floor area. Foreigners are eligible to purchase with no Additional Buyer’s Stamp Duty (ABSD) or Seller’s Stamp Duty (SSD) imposed on the transaction.

Located within the heart of the Chinatown Historic District, one of Singapore’s most distinguished and popular tourist destinations, the Property enjoys excellent visibility with a more than 12-metre-wide prominent frontage along Pagoda Street. Pagoda Street is known as the primary street among Trengganu Street, Smith Street, and Sago Lane that were previously pedestrianised to form Chinatown Street Market, a bustling shopping corridor that is popular amongst tourists and locals especially during festive seasons such as Chinese New Year.



Mr Clemence Lee (利伟强), Executive Director, Capital Markets, Singapore at CBRE, says, “The main attraction of this investment opportunity is the rarity of such offerings within the Chinatown Street Market. Shophouses along this short 260-metre pedestrian-friendly shopping corridor have always been deemed as trophy assets to astute investors and are rarely available for sale. Its strategic location in Chinatown – one of Singapore’s most popular tourist destinations - enables it to enjoy strong shopper traffic throughout the day, which is set to further improve with increased strength and momentum in tourist arrival rates. According to the Singapore Tourism Board (STB), visitor arrivals in 2024 increased by 21% compared to 2023. This is expected to increase further in 2025 given Singapore’s robust lineup of upcoming leisure and MICE events. Chinatown is well-positioned to enjoy the expected enhancement in shopper traffic and will continue to be an attractive destination for businesses and investors.

Given the asset’s relative scale and size, a multifaceted value-enhancement strategy can be deployed to unlock further capital values. The ground floor units enjoy superior footfall throughout the day, making them an ideal option for potential Food & Beverage use. The additional shop front units can also be potentially converted by the Food & Beverage tenants into Outdoor Refreshment Areas as additional seating areas for diners. These respective changes of use will be subject to approval from the relevant authorities.

Mr Lee adds, “With the award of the Smith Street tender to appoint a single master tenant for the integrated management of a row of 13 adjoining conservation shophouses at 11 to 37 Smith Street to Chinatown Business Association in August 2024, visitors and tourists can look forward to a new and revitalised lifestyle corridor in Chinatown. The former site of the well-renowned Chinatown Food Street is expected to present a string of reputable Food & Beverage tenants such as Starbucks, Boon Tong Kee, and Killiney coffeeshop. It is also expected to showcase Habyt’s new flagship co-living space and an experiential studio, the Elegance of Nanyang.”

54 and 56 Pagoda Street enjoys exceptional accessibility, being located right next to the entrance with fully-sheltered access to Chinatown MRT Interchange. Other MRT Stations that are within a short walking distance away include Maxwell MRT (6-mins) and Telok Ayer MRT (8-mins). The nearby Keppel Viaduct, Central Expressway (CTE) and Marine Coastal Expressway (MCE) also make it highly accessible from other parts of Singapore.