Ravi Chandran
Iconic Eu Yan Sang Building nestled within the heart of Chinatown – comprising 4 contiguous heritage shophouses – launched for sale
JLL, the exclusive marketing agent, on Jul 9 presented for sale 265 to 271 South Bridge Road – a row of four conservation shophouses nestled within the heart of Singapore’s historic Chinatown district.
Comprising four three-storey heritage shophouses with attic, 265 to 271 South Bridge Road occupies a combined land area of 6,262 sf and a gross floor area of 19,885 sf. The property has a large 2,562 sf open terrace on the fourth floor, which overlooks the entire Chinatown district.
The vendor proposes to offer the iconic Eu Yan Sang Building with a leasehold land tenure of 199-years from the date of completion of the sale and purchase of the property.
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Under the 2019 Master Plan, the land is zoned “Commercial” and is located within the Telok Ayer Conservation Area. The row of four shophouses commands a prominent 23-metre wide frontage along South Bridge Road and commands excellent visibility. The iconic Eu Yan Sang Building is currently tenanted by two hostels, a law firm and the Eu Yan Sang flagship store.
The Eu Yan Sang Building features excellent specification such as a regular, column-free layout, concrete flooring and high ceiling height.
The shophouse is conveniently located close to the upcoming Maxwell MRT station which is part of the new Thomson-East Coast Line and is slated to open in 2021. Chinatown MRT station and Telok Ayer MRT station are within a short walk away. The property is readily accessible via public transportation along New Bridge Road and is also easily accessible to other parts of Singapore via the Central Expressway (CTE), Marina Coastal Expressway (MCE) and Ayer Rajah Expressway (AYE).
The Eu Yan Sang Building is located within Chinatown, one of Singapore’s key historical districts which bustles year-round with visitors. The area houses a plethora of shops and stalls featuring restaurants and hawkers serving authentic Chinese cuisine; retail shops selling souvenirs, antiques, clothing, jewellery and cultural knick-knacks, as well as various accommodation options such as boutique hotels and backpacker hostels. Known for its rich heritage and culture, Chinatown boasts several places of interest, one of which is the Buddha Tooth Relic Temple & Museum, located directly across the property.
Mr Clemence Lee, Senior Director, Capital Markets, JLL, said: “Featuring a charming and elaborate architecture style, the Eu Yan Sang Building was designed by Alfred Bidwell from the firm Swan & Maclaren, the architect responsible for the design of the Raffles Hotel and Victoria Memorial Hall. It is an iconic landmark which is well recognised by Singaporeans.”
“This is a rare opportunity for an investor to acquire a row of 4 heritage shophouses nestled within the heart of the bustling Chinatown. The incoming owner has the flexibility to explore several value-add angles for the property, such as conducting minor refurbishment works as well as exploring change of use of the ground floor unit to food & beverage (F&B) use or converting the 2nd floor office to backpacker hostel use, subject to approval from relevant authorities. Alternatively, this is 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 added.
Recent freehold / 999-year transactions in the vicinity include 87 Club Street sold for $17.2 million ($3,300 psf approx) in January 2019, 21 Boon Tat Street which sold for $16.5 million ($4,259 psf) in September 2018 and 64 Club Street which sold for $21.8 million ($3,880 psf) in August 2018.
The guide price for Eu Yan Sang Building is $62.5 million reflecting circa $3,150 psf on GFA and $2,785 psf on GFA including roof terrace.
As the Eu Yan Sang Building sits on land zoned for commercial use, foreigners are eligible to purchase the property. There is also no Additional Buyer’s Stamp Duty (ABSD) or Seller’s Stamp Duty (SSD) imposed on the purchase of the property.
The sale of Eu Yan Sang Building will be conducted through an Expression of Interest exercise which closes on Tuesday, 27th August 2019, at 3pm.
Properties such as Eu Yan Sang Building may be bought under personal name, but total debt servicing Total Debt Servicing Ratio (TDSR) will apply on the individual’s income on such purchases. To buy a commercial or industrial property under company name, total debt servicing ratio TDSR also applies on the individual director’s income if the company is an investment holding company or an operating company that is loss-making or does not have sufficient cash flow to servicing the repayment.
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