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COMMERCIAL PROPERTY | Staff Reporter, Singapore

Smith Street heritage shophouses up for sale at $33.25m

They currently enjoy a 100% occupancy rate.

Three freehold adjoining conservation shophouses in Chinatown’s Smith Street is launched for sale at $33.25m, Savills Singapore revealed.

With a gross floor area of about 9,500 sq ft, the three-storey shophouses with attics are zoned full commercial. They have a combined land area of about 2,784 sq ft.

As it was constructed in the pre-war era, the shophouses are built with reinforced concrete and in-fill bricks with a lift and two staircases. The shophouses currently enjoy 100% occupancy with approved restaurant use on the first and second floors, backpackers’ hostel on the third floor, and a traditional Chinese medicine (TCM) clinic at the attic.

The property is located within the popular street block bordered by New Bridge Road, Temple Street, Trengganu Street, and Smith Street. It is only a two to five-minute walk from the Chinatown and the upcoming Maxwell MRT stations.

With a guide price of about $3,500 psf on a built-up area of about 9,500 sq ft, the site reflects a gross yield of close to 2%.

The tender for the shophouses will close on 25 September 2018 at 3 pm.

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