The iconic Eu Yan Sang Building in Chinatown has been launched for sale with a guide price of $62.5 million, the property's exclusive marketing agent JLL said on Monday (July 22).
Built in 1910, it housed the first traditional Chinese medicine Eu Yan Sang outlet in Singapore set up by its founder Eu Tong Sen. The building was designed by Alfred Bidwell from the firm Swan & Maclaren, who was also responsible for the design of the Raffles Hotel and Victoria Memorial Hall.
Current tenants of what is now a row of four conservation shophouses are Eu Yan Sang's flagship store, two hostels and a law firm.
The property is owned by EU Realty (Singapore), a subsidiary of Eu Yan Sang International, JLL told The Business Times.
Located at 265 to 271 South Bridge Road within the Telok Ayer conservation area, the three-storey shophouses sit on a combined land area of 6,262 square feet (sq ft) and have a gross floor area (GFA) of 19,885 sq ft.
The property also has a large 2,562 sq ft open terrace on its fourth floor which overlooks the entire Chinatown district.
Its guide price of $62.5 million works out to around $3,150 per square foot (psf) based on GFA, and $2,785 psf with the roof terrace included.
The sale will be conducted through an expression of interest exercise which closes at 3pm on Aug 27.
The land is zoned for commercial use under the Draft Master Plan 2019 by the Urban Redevelopment Authority, which means foreigners are eligible to purchase the property. There is also no additional buyer's stamp duty or seller's stamp duty imposed.
The vendor is proposing to offer the shophouses with a leasehold land tenure of 199 years from the date of completion of the sale and purchase of the property.
Clemence Lee, senior director of capital markets at JLL said the new owner will have the flexibility to explore value-add angles for the property, such as conducting minor refurbishment works, changing the ground floor unit to food and beverage use, or converting the second-floor office into a backpacker hostel, subject to approval from the authorities.
"Alternatively, this is an excellent opportunity for owner-occupiers to acquire a beautiful flagship property with potential naming and signage rights in the central business district for their own operations" he added.
The property has a regular and column-free layout, concrete flooring, and high ceiling height.
JLL noted that the row of four shophouses commands a 23-metre wide frontage along South Bridge Road with "excellent visibility".
The shophouses are located directly across the Buddha Tooth Relic Temple & Museum.
Nearby, the upcoming Maxwell MRT station which is part of the new Thomson-East Coast Line is slated to open in 2021. The property is also within walking distance to the Chinatown and Telok Ayer MRT stations.
Recent freehold or 999-year transactions in the vicinity include: 87 Club Street which sold for $17.2 million or around $3,300 psf in January this year; 21 Boon Tat Street which sold for $16.5 million or $4,258 psf in September 2018; and 64 Club Street which sold for $21.8 million or $3,880 psf in August 2018.
Source: Straits Times, 22 July 2019