Portfolio of shophouses on Mosque Street-Pagoda Street for sale at $141 mil
Savills Singapore has been appointed the sole marketing agent for the sale of a portfolio of shophouses in Chinatown. The portfolio features adjoining shophouses at 42-45 Mosque Street and 54/56 Pagoda Street.
The shophouses on Mosque Street are four-storey conserved properties with mezzanine levels as well as an open terrace of 2,200 sq ft on the second floor. They have been restored and upgraded for use as a multi-tenanted commercial building. The properties sit on a land area of 8,804 sq ft and have a floor area of 34,238 sq ft.
Meanwhile, the shophouses on Pagoda Street are a pair of three-storey buildings with a mezzanine level and are located close to Chinatown MRT Interchange Station. They sit on a plot of 3,010 sq ft and have a total floor area of 9,226 sq ft.
According to Yap Hui Yee, director of investment sales and capital markets at Savills Singapore, the indicative price for the entire collection of shophouses at Mosque Street and Pagoda Street is $141 million. “This portfolio of shophouses are held under a special purpose vehicle company and there will be savings on the stamp duty on the purchase of the company for the entire portfolio,” she says.
The collection is sold under an expression of interest exercise that will close on March 5.
Local start-up RealVantage has launched its online co-investment platform, which aims to help accredited investors and high-net-worth individuals access a global range of properties in various sectors and investment spectrums.
According to the founders, Keith Ong and Mao Ching Foo, through the RealVantage platform, investors will be able to choose from multiple investment options, including a stable income producing office in the UK, a townhouse development project in Australia, and a multifamily project in the US.
Ong says: “There is a myriad of investment opportunities that provide good risk-adjusted returns in different property sectors and investment modes. With RealVantage, our aim is to create access to real estate opportunities that fit the investors’ investment horizon and returns objectives.”
The company says it plans to widen its investor base in Singapore and Indonesia this year, and the platform is also looking to expand its investment opportunities beyond the UK and Australia.