Row of seven conservation shophouses in Chinatown for $110 mil

SINGAPORE (EDGEPROP) - A row of seven conservation shophouses at 20 Trengganu Street in Chinatown has been put up for sale through an expression of interest (EOI) exercise. The properties have an indicative price of $110 million and are currently marketed by CBRE.

See also: Pair of shophouses at 83, 85 Keong Saik Road on the market for $30.8 mil

The block of three-storey shophouses is in the Chinatown Historic District and they collectively occupy a 10,444 sq ft plot. The shophouses have a total gross floor area of 31,364 sq ft. The ground-floor spaces of the seven shophouses are currently tenanted for use as retail outlets, such as a supermarket, an antique shop and a cosmetics shop. A restaurant occupies the entire second floor, while a boutique hotel takes up the third floor.

The standalone block of shophouses enjoys prominent visibility along Trengganu Street, Smith Street and Temple Street. It is also close to Chinatown MRT Interchange and the upcoming Maxwell Station.

There are several ways that prospective buyers can unlock the value of the asset, says Clemence Lee, executive director of capital markets Singapore at CBRE. For example, the ground-floor retail units could all be converted into F&B stalls, subject to approval. Alternatively, the ground floor could be further subdivided to command higher psf rents.

“If sold at $110 million, it would break the record for the largest shophouse transaction in Singapore, which is currently held by Porcelain Hotel at $90 million transacted by CBRE early this year,” says Lee.