Three adjoining conservation shophouses along Smith Street in Chinatown have been launched for sale by public tender for $33.25 million, announced marketing agent Savills Singapore. The freehold properties are at 42/44/46 Smith Street, and sit on a corner plot of 2,784 sq ft, with a total gross floor area of 9,500 sq ft. The guide price translates to $3,500 psf on the built-up area.
The three properties are zoned for commercial use, with a restaurant on the first and second floors, a backpacker’s hostel on the third floor, and a TCM clinic in the attic. The shophouses enjoy high footfall because of its prominent frontage on Smith Street, and they are opposite Chinatown Complex. The pedestrian mall from Sago Street and Smith Street through Trengganu Street to Pagoda Street also provides a flow of shopper traffic.
The three adjoining conservation shophouses are on the market for $33.25 million (Picture: Savills Singapore)
“Recent shophouse transactions in District 1 continue to shore up prices and lend proof to shophouses being an extremely attractive asset class,” says Donald Goh, director of investment sales at Savills Singapore. Recent shophouse transactions in the area include the sale of 64 Club Street for $3,880 psf, as well as 75 and 77 Amoy Street for $3,900 psf and $3,500 psf respectively.
There have been “good enquiries” even before the tender launch, and interest is expected to increase leading up to the close of the tender, says Suzie Mok, senior director of investment sales at Savills Singapore.
The tender closes on Sept 25.