For sale: Cluster of 3 adjoining Chinatown shophouses

The freehold cluster of conservation shophouses in Smith Street is within two and five minutes' walk from the Chinatown and the upcoming Maxwell MRT stations, respectively.
Dated: 28-Aug-2018

A Freehold cluster of three adjoining conservation shophouses located in Smith Street in Chinatown has been launched for sale via public tender.

The guide price for the property is about $3,500 per sq ft (psf), or $33.25 million on a built-up area of about 9,500 sq ft, which reflects a gross yield of close to 2 per cent, said its exclusive marketing agent Savills Singapore.

It said recent notable shophouse transactions include 64 Club Street, which sold for about $3,880 psf, 77 Amoy Street for about $3,500 psf and 75 Amoy Street for about $3,900 psf on built-up area.

The Smith Street corner plot is located within two and five minutes' walk from the Chinatown and the upcoming Maxwell MRT stations, respectively. Zoned full commercial, the three contiguous shophouses have a total gross floor area of about 9,500 sq ft and occupy a combined land area of about 2,784 sq ft.

The shophouses enjoy full occupancy with approved restaurant use on the first and second storeys, backpackers' hostel on the third storey and a traditional Chinese medicine clinic in the attic, said Savills Singapore.

"Recent shophouse transactions in District 1 continue to shore up prices and lend proof to shophouses being an extremely attractive asset class," said Savills Singapore director of investment sales Donald Goh.

"These three shophouses' excellent location along the Chinatown Food Street, smack in the heart of a tourist hot spot, puts it right up there among the creme de la creme of shophouses. It presents an unparalleled opportunity for the astute investor to own a rare Freehold collectible in a bustling F&B (food and beverage) and tourist destination."

The tender closes on Sept 25.

Source: Straits Times