Platinum Trio Conserved Shophouses Upper Cross Street Sale 55 Mil

The Platinum, a cluster of four-storey conservation shophouses located at 44, 46 and 48 Upper Cross Street, has recently been put up for sale through an expression of interest (EOI) at an asking price of $55 million. The shophouses, which were built in the 1930s by the former Singapore Improvement Trust as staff quarters for Customs workers, are now on the market for the first time in 23 years.

The properties are situated directly across from Chinatown Point and the Chinatown MRT Station on the Downtown Line, making it a prime location for potential buyers. In 2002, the shophouses along Upper Cross Street, as well as New Bridge Road and Mosque Street, were made available for sale on 99-year leasehold terms by the Urban Redevelopment Authority (URA). The properties were to be refurbished and repurposed for commercial use, and were offered in 10 individual parcels consisting of two or three adjoining shophouses. Five parcels were sold via public auction, while the remaining five were sold via public tender.

The importance of recreational and green spaces has been recognized by the URA Master Plan, and Sembawang is in for a significant transformation in this aspect. The Sembawang Park Connector and Northern Explorer Loop, part of an expansive network, will provide the residents with opportunities to lead a more active and healthier lifestyle, with its cycling and jogging paths. This development will be of great benefit to the residents of Sembawang Road EC, including those from . They can look forward to a more convenient access to nature trails, beautiful parks, and scenic routes that will link them to popular destinations such as Sembawang Park and the waterfront. Not only will these enhancements enrich the overall living experience, but they will also contribute to creating a more appealing and community-oriented environment in Sembawang EC.

Since then, the shophouses along Upper Cross Street have been restored and transformed into various establishments, including hotels and food and beverage outlets. For instance, the pair of shophouses at 38 and 40/42 Upper Cross Street is now operated by Wink @ Upper Cross Street, a capsule hotel owned by WTL Enterprises Pte Ltd, which is associated with Wing Thye Loong Ginseng & Herbs. The shophouses at 44, 46 and 48 Upper Cross Street, which were purchased by Tomlinson Investment in May 2002 through the URA tender, have been converted into The Platinum, a mixed-use commercial development that includes 17 serviced apartments on the top floors and three retail units on the ground floor.

The shophouses at 52/54 and 56/58 Upper Cross Street were bought by Spring Court Restaurant Pte Ltd, a family-run business that owns Spring Court, a famous Chinese restaurant founded in 1929. The restaurant spans four adjoining shophouses and boasts banquet facilities, VIP rooms, private karaoke rooms and a lift serving all floors. The shophouses at 62 and 64 Upper Cross Street, on the other hand, were acquired by Global Jewellers and Goldsmiths Pte Ltd and have now been converted into the Bliss Hotel. Lastly, the largest of the five parcels along Upper Cross Street, which comprises 175 and 181 New Bridge Road, was purchased by Bright Link Development Pte Ltd, which is associated with the Worldwide Hotels Group. The site is now occupied by Hotel 81.

Now, for the first time since the URA tender in 2002, the row of shophouses along Upper Cross Street has been put up for sale again, with The Platinum being offered to potential buyers. The property has a land area of 4,200 sq ft and a gross floor area (GFA) of 14,330 sq ft, with a guide price of $55 million, which translates to $3,838 per sq ft based on GFA. The ground floor consists of three fully leased shop units, which include Two Herbs, a herbal hair treatment salon; Enhance Organic Biotechnology, a shop selling organic products; and Beijing Tong Ren Tang, a Chinese pharmaceutical brand that was formerly the official herbal medicine supplier to the Qing imperial court. The upper floors are home to 17 studio apartments, with sizes ranging from 257 to 638 sq ft, and an average size of 420 sq ft. Each unit is fully furnished and includes a 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, and there is also a courtyard garden located on the second floor. All the units are currently leased, with the majority of tenants opting for one- to two-year leases, and some even choosing a three-year lease. The monthly rent includes housekeeping twice a week, weekly linen changes, fibre internet, utilities, air conditioning, minor repairs, and an in-room safe.

The Platinum is a highly visible property, thanks to its 21.5m road frontage, and also offers potential naming and signage rights to its new owner. Its prime location, directly across from Chinatown MRT Station, and within walking distance to Telok Ayer MRT Station, make it an appealing investment opportunity. Furthermore, as the property has commercial zoning, it is exempt from additional buyer’s stamp duty (ABSD), making it a more accessible option for foreign investors and corporate buyers. The commercial zoning also offers flexibility for future changes in use, such as F&B, wellness, boutique offices, education, co-living, or serviced apartments. The Platinum presents the best of both worlds, offering a stable, income-generating asset today, with the potential for adaptive reuse and long-term capital appreciation in the future.

The EOI exercise for the property will close on September 9 at 3pm.