A row of four-storey conservation shophouses at 44, 46 and 48 Upper Cross Street, collectively known as The Platinum, has been launched for sale by expression of interest (EOI) at an asking price of $55 million.

The shophouses, directly across from Chinatown Point and the Chinatown MRT Station on the Downtown Line, were built in the 1930s by the former Singapore Improvement Trust as staff quarters for Customs (Revenue Department) workers.

In 2002, the shophouses along Upper Cross Street, together with New Bridge Road and Mosque Street, were offered for sale on 99-year leasehold terms by URA. The properties, which were to be restored and repurposed for commercial use, were offered in 10 separate parcels comprising two or three adjoining shophouses. Five parcels were sold via public auction, and the other five were sold via public tender.

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From customs quarters to hospitality and restaurant

The five parcels along Upper Cross Street were sold in May 2002, each receiving four bids. The shophouses have since been restored and refurbished for various purposes, including hospitality and food and beverage (F&B) services.

The pair of shophouses at 38 and 40/42 Upper Cross Street was acquired for $2.8 million by WTL Enterprises Pte Ltd, linked to Wing Thye Loong Ginseng & Herbs, and now operates as Wink @ Upper Cross Street, a capsule hotel.

The parcel comprising the shophouses at 44, 46 and 48 Upper Cross Street was purchased for $2.95 million by Tomlinson Investment, an investment holding company. It was converted into The Platinum, a mixed-use commercial development comprising 17 serviced apartments on the upper floors and three retail units on the ground floor.

The shophouses at 52/54 and 56/58 Upper Cross Street were acquired for $3.4 million by Spring Court Restaurant Pte Ltd, the family-owned company behind Spring Court, one of Singapore’s oldest Chinese restaurants founded in 1929. The restaurant at Upper Cross Street spans four adjoining shophouses and includes banquet facilities, VIP rooms, private karaoke rooms and a lift serving all floors.

The pair of shophouses at 62 and 64 Upper Cross Street was sold for $2.988 million to Global Jewellers and Goldsmiths Pte Ltd, and has since been converted into the Bliss Hotel.

The largest of the five parcels along Upper Cross Street -- comprising 175 and 181 New Bridge Road at the junction of Cross Street -- was acquired by Bright Link Development Pte Ltd, linked to the Choo-family controlled Worldwide Hotels Group. The site is now occupied by Hotel 81.

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On the market after 23 years

The row of conservation shophouses along Upper Cross Street has been tightly held for the past 23 years, until recently, with The Platinum now offered for sale.

According to Brilliance Capital, the appointed exclusive marketing agency, The Platinum occupies a land area of 4,200 sq ft with a gross floor area (GFA) of 14,330 sq ft. The $55 million guide price translates to $3,838 psf based on GFA.

The ground floor comprises three fully-leased shop units. Tenants comprise Two Herbs, a herbal hair treatment salon; Enhance Organic Biotechnology, a retailer of organic products; and Beijing Tong Ren Tang, a Chinese pharmaceutical brand founded in 1669 and formerly the official herbal medicine supplier to the Qing imperial court from 1793 to 1911.

The upper floors house 17 studio apartments, ranging in size from 257 to 638 sq ft, with an average size of 420 sq ft. Each unit features a furnished living and dining area, a fully equipped kitchenette, a bedroom and a bathroom. Five units on the fourth floor are loft-style, with sleeping quarters on the attic level. A courtyard garden is located on the second level.

All units are currently leased. Last week, a 440 sq ft unit was listed for rent from $3,400 a month, while a larger unit was available from $3,800 a month. Both were snapped up within days, with the tenants taking up one-year leases. While the minimum lease period is three months, most tenants opt for one- to two-year leases, with some even taking a three-year lease, says Yong Choon Fah, senior associate director of Brilliance Capital, who is handling the sale. Monthly rental includes housekeeping twice a week, weekly linen changes, fibre internet, utilities, air conditioning, minor repairs, and an in-room safe.

A 440 sq ft unit currently on the market commands a rental rate from $3,400 a month

Flexibility for future change of use

Yong notes that the property enjoys a 21.5m road frontage, offering high visibility and potential naming and signage rights for the new owner.

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In addition to being just across from Chinatown MRT Station, The Platinum is within walking distance of the Telok Ayer MRT Station.

Given its commercial zoning, the property is exempt from additional buyer’s stamp duty (ABSD), making it more accessible to foreign investors and corporate buyers. “Residential investments typically offer more modest yields compared to commercial assets, but they are stable, resilient, and easy to manage—especially in city-fringe locations like Chinatown,” Yong adds.

The commercial zoning also provides flexibility for future changes in use, including F&B, wellness, boutique offices, education, or co-living spaces. “The Platinum represents the best of both worlds: a stable, income-generating asset today, with the potential for adaptive reuse and long-term capital appreciation tomorrow,” she says.

The EOI exercise will close on September 9 at 3pm.