SINGAPORE (EDGEPROP) - A 99-year leasehold conservation shophouse at 22 Sago Street in Chinatown is on the market for $12.5 million. A group of PropNex Realty agents called PropNex Shophouse Elites is currently marketing the property.

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The three-storey shophouse has a gross floor area of 2,929 sq ft and the asking price translates to $4,267 psf on the floor area. The shophouse is on a 1,063 sq ft plot in the Kreta Ayer conservation area in District 2.

The ground-floor unit of the shophouse has restaurant approval, while the upper floors are leased as offices. The staircase leading to the upper floors is located behind the shophouse.

The shophouse is zoned for commercial use under the latest Master Plan. It also enjoys prominent street-level visibility along the pedestrianised Sago Street. The area sees high footfall due to its proximity to the popular Chinatown area, as well as landmark developments such as neighbouring  Chinatown Complex, Maxwell Food Centre, and Maxwell MRT Station on the Thomson-East Coast Line.

“Commercial conservation shophouses, particularly those in prime central locations such as Chinatown, are constantly sought after by investors, including private real estate funds, family offices and high-net-worth individuals,” says Wilkie Tay, associate marketing director, PropNex Realty, and one of the agents of PropNex Shophouse Elites. (Find Singapore commercial properties with our commercial directory)

The sale is open to locals and foreigners, with no additional buyer’s stamp duty or seller’s stamp duty imposed. The property will be sold in an expression of interest exercise that closes on April 1.

Check out the latest listings near Sago Street, Kreta Ayer conservation area, Maxwell MRT Station