SINGAPORE: The iconic Eu Yan Sang building in Chinatown has been put up for sale with a guide price of S$62.5 million, announced the property’s marketing agent JLL in a news release on Monday (Jul 22).
The building, where Singapore’s first Eu Yan Sang traditional Chinese pharmacy was located, was built in 1910.
Comprising a row of four three-storey heritage shophouses, it was designed by Alfred Bidwell from the firm Swan & Maclaren, the architect responsible for the design of the Raffles Hotel and Victoria Memorial Hall, JLL added.
Located at 265 to 271 South Bridge Road, the property's tenants currently include Eu Yan Sang's flagship store, two hostels and a law firm.
Together, they sit on a combined land area of 6,262 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 the top floor, which overlooks the entire Chinatown district.
It is within walking distance to the Chinatown and Telok Ayer MRT stations, as well as the upcoming Maxwell MRT station, part of the new Thomson-East Coast Line, which is slated to open in 2021.
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 CBD for their own operations” he added.
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. Under the 2019 Master Plan, the land is zoned for commercial use.
This means that foreigners are eligible to purchase the property with no additional buyer’s stamp duty or seller’s stamp duty imposed.
The guide price of S$62.5 million reflects S$3,150 per sq ft (psf) based on GFA, and S$2,785 psf with the roof terrace included.
The sale will be conducted through an Expression of Interest exercise which closes on Aug 27 at 3pm.
Recent freehold or 999-year transactions in the vicinity include:
- 87 Club Street which sold for S$17.2 million or around S$3,300 psf in January this year
- 21 Boon Tat Street which sold for S$16.5 million or S$4,258 psf in September 2018
- 64 Club Street which sold for S$21.8 million or S$3,880 psf in August 2018