Eu Yan Sang Building in Chinatown going for $62.5 mil

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/ EdgeProp
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July 22, 2019 2:44 PM SGT
Eu Yan Sang Building in Chinatown, comprising four contiguous shophouses, has been put up for sale at $62.5 million, or about $3,143 psf on the gross floor area. Located at 265 to 271 South Bridge Road, the row of three-storey conservation buildings has a gross floor area of 19,885 sq ft and sits on a combined land area of 6,262 sq ft.
The properties are in the Telok Ayer Conservation Area, and command a 23-metre frontage along South Bridge Road. The land has a 999-year tenure that started in 1823, and is zoned for commercial use under the 2019 Draft Master Plan. The owner proposes to offer the shophouses with a leasehold tenure of 199 years from the date of completion of the sale and purchase of the property. The units are currently leased to the Eu Yan Sang flagship store, two hostels and a law firm.
The four shophouses are being offered with a 199-year lease upon the sale completion date (Picture: JLL)
“This is a rare opportunity for an investor to acquire a row of four heritage shophouses nestled within the heart of the bustling Chinatown,” says Clemence Lee, senior director of capital markets at JLL, the marketing agent. The incoming owner has the flexibility to do minor refurbishment works, convert the ground floor for F&B use, or convert the second-floor offices into a backpack hostel, he says.
“This is [also] an excellent opportunity for owner-occupiers to acquire a beautiful flagship property with potential naming and signage rights in the CBD for their own operations,” he adds.
Recent sales in the area included 87 Club Street which was sold for $17.2 million ($3,300 psf) in January this year. Last year saw 21 Boon Tat Street fetch $16.5 million ($4,259 psf) in September and 64 Club Street change hands for $21.8 million ($3,880 psf) in August.
The shophouses are close to the upcoming Maxwell MRT Station on the Thomson-East Coast Line. That stretch of the line is expected to open in 2021. The buildings are also close to Telok Ayer station on the Downtown Line, and Chinatown station on the North-East Line.
Foreigners are eligible to purchase the property. There is no additional buyer’s stamp duty...