The freehold, three-story shophouse costs around $5,843 per square foot

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Novo Place site plan

A freehold shophouse on 22 Temple Street in Chinatown is up for sale for sale at $20 million. A press release that announces the sale, the marketing agent Savills Singapore says that the three-storey property is situated on a 1,276 square foot plot that covers a total surface of 3,423 square feet. The price is roughly $5,843 per square foot of floor area.

Novo Place site plan of 12,4449.3 sq m site with a maximum Gross Floor Area (GFA) of 37,348 sq m. Once complete, the development is expected to house 375 elegant and spacious family-friendly units

The shophouse is a commercial zone under the most recent master plan and the property is efficient and well-designed layout. The shophouse is fully utilized, with an pawn shop on the second and first floors and an online marketing company occupies the third floor. The property is situated near the Chinatown MRT Interchange Station on the Downtown and North-East Lines and Maxwell Station on the Thomson-East Coast Line.

“The shophouse ownership on Temple Street is very tightly held, since that many shophouse owners utilize the premises to run their businesses. A majority of the shops on Temple Street have private leases that have been carved out, and as a result they have a very small lease balances left,” says Yap Hui Yee executive director of capital markets and investment sales at Savills Singapore.

She also says that the sale of 22 Temple Street is “an exciting and unique opportunity for both investors and buyers looking for a prime commercial storefront located in Chinatown”. Foreigners and residents can buy the commercial shophouse, and there is no stamp duty for the buyer or seller is due. The sale, via an open expression of interest exercise will close on the 12th of July.