Three adjoining Chinatown conservation shophouses for sale with $33.25m guide price

The shophouses at Smith Street enjoy full occupancy with approved restaurant use on the first and second floors, backpackers' hostel on the third floor and a TCM (traditional Chinese medicine) clinic at the attic.
The shophouses at Smith Street enjoy full occupancy with approved restaurant use on the first and second floors, backpackers' hostel on the third floor and a TCM (traditional Chinese medicine) clinic at the attic.PHOTO: SAVILLS SINGAPORE

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

The guide price for the property is about $3,500 per square foot (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 corner plot is located within two to 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 square feet 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 floors, backpackers' hostel on the third floor and a TCM (traditional Chinese medicine) clinic at the attic, said Savills Singapore.

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

"These three shophouses' excellent location along the Chinatown Food Street, smack in the heart of a tourist hotspot, puts it right up there amongst 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 for the property closes on Sept 25 at 3pm.