Eu Yan Sang Building launched for sale for $62.5m

Zoned commercial under the 2019 Draft Master Plan, the property comprises a row of four conservation shophouses, with tenants including Eu Yan Sang’s flagship store, a law firm and two hostels.

Eu Yan Sang Building – a three-storey property in Chinatown that housed Singapore’s first traditional Chinese medicine Eu Yan Sang outlet – has been put up for sale via expression (EOI) with a guide price of $62.5 million, reported The Business Times.

The price works out to about $3,150 per sq ft (psf) based on the property’s 19,885 sq ft gross floor area (GFA) and $2,785 psf when including the 2,562 sq ft terrace.

Built in 1910, the iconic building was designed by Alfred Bidwell of Swan & Maclaren, whose famous works include the Victoria Memorial Hall and Raffles Hotel. Currently, the property comprises a row of four conservation shophouses, with tenants including Eu Yan Sang’s flagship store, a law firm and two hostels.

The shophouses sit on a combined land area of 6,262 sq ft and feature an open terrace on the fourth floor.

Zoned commercial under the 2019 Draft Master Plan, the property is situated at 265 to 271 South Bridge Road in the Telok Ayer conservation area, near the Telok Ayer and Chinatown MRT stations as well as the upcoming Maxwell MRT station.

Marketing agent JLL noted that foreigners can acquire the property, with no additional buyer’s stamp duty or seller’s stamp duty payable.

JLL capital markets senior director Clemence Lee said the new owner could explore value-add angles for the property, such as converting the ground floor unit for food and beverage purposes, make minor refurbishments or transform the second-floor office to a backpacker hostel, subject to the authorities’ approval.

“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 said.

The EOI exercise for Eu Yan Sang Building closes on 27 August.

Source: 23 Jul 2019, CommercialGuru