4 Conservation Shophouses @ 265-271 South Bridge Road for Sale
Chinatown’s historical Eu Yan Sang Building has been put up for sale at $62.5 million guide price. This was informed by JLL, the exclusive marketing agents for the sale.
The building is more than a century old and completed in 1910, housed Singapore’s first TMC Eu Yan Sang outlet.
It was named after Eu Tong Sen. Swan & Maclaren’s Alfred Bidwell designed this building. The firm’s other major designs included the Victoria Memorial Hall and the Raffles Hotel.
At present the iconic building which is made up of four conservation shophouses has a law firm, two hostels besides the flagship store of Eu Yan Sang.
Eu Yan Sang International’s subsidiary EU Realty (Singapore) is the current owner of this property.
Eu Yan Sang Building is located along 265-271 South Bridge Road and is part of Telok Ayer Conservation Area.
Together the 3-storey shophouses have total land area of approximately 6,262 sq ft and the gross floor area of the properties combined is 19,885 square feet.
There is an open terrace in the property that covers 2,562 square feet that is spread across the fourth floor and overlooks all of Chinatown district.
Going by the guide price, the rate for the land is S$3,150 psf base on the gross floor area and $2,785 psf if the roof terrace is added to it.
The Expression of Interest for Eu Yan Sang Building shall close of August 27 at 3:00 PM.
As per the Draft Master Plan of 2019, the Urban Redevelopment Authority has zoned the site commercial making foreign nationals eligible to invest in the commercial property without having to pay SSD and ABSD.
As a part of the deal, the vendor would offer leasehold tenure of 199 years on the shophouses from the date when the sale is completed and the property is purchased.
JLL’s Senior Director of Capital Markets, Clemence Lee that the buyer would be able to explore value-addition on the purchase of this property.
They are free to carry out refurbishment works that includes changing the ground level of this property for food & beverage use.
There is also the option of converting the second floor into backpacker hostel after receiving necessary approvals from the authorities.
He also added that the buyers can use this iconic property for self-occupation with all the naming and signage rights offered to them in the Central Business District.
The property has high ceiling, concrete floors and a column-free layout. The four shophouses enjoy excellent visibility with 23-metres wide front opening into the South Bridge Road.
Maxwell MRT Station under development and part of Thomson-East Coast Line is close to the site. Telok Ayer and Chinatown MRT Stations are also within walking distance.
Another landmark in the area the Buddha Tooth Relic Temple & Museum sits opposite to this property.
Among the recent 999-year leasehold or freehold transactions nearby include 21 Boon Tat Street that changed hands for $16.5 million at $4,258 psf rate, 87 Club Street at $3,300 psf totalling $17.2 million and 64 Club Street that bagged $21.8 million with rate of $3,880 psf.