Eu Yan Sang Building up for sale at S$62.5m guide price
Eu Yan Sang Building up for sale at S$62.5m guide price
That works out to S$3,150 psf based on GFA, and S$2,785 psf with roof terrace included, for the Chinatown property
Tue, Jul 23, 2019
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.
Singapore
THE iconic Eu Yan Sang Building in Chinatown has been launched for sale with a guide price of S$62.5 million, the property's exclusive marketing agent JLL said on Monday.
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 architect Alfred Bidwell from the firm Swan & Maclaren, whose other works include Raffles Hotel and the 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 overlooking the entire Chinatown district.
Its guide price of S$62.5 million works out to S$3,150 per square foot (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 at 3pm on Aug 27.
The land has a 999-year tenure that started in 1823, and 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. No additional buyer's stamp duty or seller's stamp duty will be 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 (F&B) 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.
It is located directly across the Buddha Tooth Relic Temple & Museum.
Recent freehold or 999-year transactions in the vicinity include: 87 Club Street which sold for S$17.2 million or S$3,300 psf this January; 21 Boon Tat Street which sold for S$16.5 million or S$4,258 psf in September 2018; and 64 Club Street which sold for S$21.8 million or S$3,880 psf in August 2018.
