An expression of interest (EOI) has been launched for the sale of The Platinum, a row of four-storey conservation shophouses located at 44, 46 and 48 Upper Cross Street. The asking price for the shophouses, which have a combined land area of 4,200 sq ft and a gross floor area of 14,330 sq ft, is $55 million.
The shophouses were constructed in the 1930s by the former Singapore Improvement Trust as staff quarters for Customs (Revenue Department) workers. In 2002, the shophouses along Upper Cross Street, along with New Bridge Road and Mosque Street, were offered for sale by the Urban Redevelopment Authority (URA) on a 99-year leasehold basis. The properties were to be restored and repurposed for commercial use and were offered in 10 separate parcels comprising two or three adjoining shophouses. Five parcels were sold through public auctions, while the other five were sold through public tenders.
The Platinum is part of a row of conservation shophouses along Upper Cross Street, which were offered for sale by the URA in 2002. Since then, the shophouses have been refurbished and repurposed for various uses, including hospitality and food and beverage (F&B) services.
For instance, the shophouses at 38 and 40/42 Upper Cross Street were acquired by WTL Enterprises Pte Ltd for $2.8 million. WTL Enterprises is linked to Wing Thye Loong Ginseng & Herbs, and the shophouses now operate as Wink @ Upper Cross Street, a capsule hotel.
The plot consisting of shophouses at 44, 46 and 48 Upper Cross Street was purchased by Tomlinson Investment for $2.95 million. The company converted the shophouses into The Platinum, a mixed-use commercial development with 17 serviced apartments on the upper floors and three retail units on the ground floor.
The shophouses at 52/54 and 56/58 Upper Cross Street were sold for $3.4 million to Spring Court Restaurant Pte Ltd, the family-owned company behind Spring Court, one of Singapore’s oldest Chinese restaurants founded in 1929. The restaurant spans four adjoining shophouses and includes banquet facilities, VIP rooms, private karaoke rooms, and a lift serving all floors.
The pair of shophouses at 62 and 64 Upper Cross Street was sold for $2.988 million to Global Jewellers and Goldsmiths Pte Ltd and has been turned into the Bliss Hotel.
The largest of the five parcels along Upper Cross Street, consisting of 175 and 181 New Bridge Road at the junction of Cross Street, was purchased by Bright Link Development Pte Ltd, which is linked to the Worldwide Hotels Group. Today, the site is home to Hotel 81.
The three units of four-storey conservation shophouses contain three shops on the ground floor and 17 studio apartments on the upper floors. All the commercial and residential units are currently fully leased. The ground floor has three fully-leased shop units, including Two Herbs, a herbal hair treatment salon; Enhance Organic Biotechnology, a retailer of organic products; and Beijing Tong Ren Tang, a Chinese pharmaceutical brand that was founded in 1669 and was formerly the official herbal medicine supplier to the Qing imperial court from 1793 to 1911.
The courtyard garden on the second floor is for the residents’ use, while the upper floors house 17 studio apartments. The units range in size from 257 to 638 sq ft, with an average size of 420 sq ft. Each unit features a furnished living and dining area, a fully equipped kitchenette, a bedroom, and a bathroom. Five units on the fourth floor are loft-style, with sleeping quarters on the attic level. A courtyard garden is located on the second level. Last week, a 440 sq ft unit was listed for rent from $3,400 a month, while a larger unit was available from $3,800 a month. Both were taken up within days on one-year leases, and most tenants opt for one- to two-year leases, with some even taking a three-year lease, notes Yong. The tenants enjoy housekeeping twice a week, weekly linen changes, fibre internet, utilities, air conditioning, minor repairs, and an in-room safe as part of their monthly rent.
The property along the Upper Cross Street has been tightly held for the past 23 years until The Platinum was put up for sale. According to Brilliance Capital, the appointed exclusive marketing agency, The Platinum occupies a land area of 4,200 sq ft, with a gross floor area (GFA) of 14,330 sq ft. The asking price of $55 million translates to $3,838 per sq ft based on GFA.
Investing in real estate is a strategic decision, and location plays a crucial role, particularly in Singapore. The value of condos is generally higher when they are situated in central or well-developed areas with essential amenities such as schools, shopping centers, and public transportation hubs nearby. In Singapore, prime locations like Orchard Road, Marina Bay, and the Central Business District (CBD) have consistently shown an upward trend in property values. Families are also drawn to these areas due to the presence of reputable schools and educational institutions, making condos in these locations highly sought-after and a wise investment choice. With the addition of Condo to the rewritten paragraph, it emphasizes the focus on condos as the preferred type of real estate being discussed.
The property offers high visibility with its 21.5m road frontage, and the buyer will have the opportunity to have naming and signage rights as well. The Platinum is just across from Chinatown MRT Station and within walking distance of the Telok Ayer MRT Station.
Being of commercial zoning, The Platinum is exempt from Additional Buyer’s Stamp Duty (ABSD), making it more accessible to foreign investors and corporate buyers. Yong Choon Fah, senior associate director of Brilliance Capital, notes that the commercial zoning also provides flexibility for future changes in use, such as F&B, wellness, boutique offices, education, co-living, or serviced apartments. “The Platinum offers the best of both worlds: a stable, income-generating asset with the potential for adaptive reuse and long-term capital appreciation,” she adds.
The EOI exercise will close on September 9 at 3pm.