SINGAPORE: The iconic Eu Yan Sang building in Chinatown has been put up for sale with a guide price of S$62.5 million, announced the property’s marketing agent JLL in a news release on Monday (22 Jul). The building, where Singapore’s first Eu Yan Sang traditional Chinese pharmacy was located at, was built in 1910. Comprising a row of four three-storey heritage shophouses, the building was designed by Alfred Bidwell from the firm Swan & Maclaren, the architect responsible for the design of the Raffles Hotel and Victoria Memorial Hall. Located at 265 to 271 South Bridge Road, the property’s tenants currently include Eu Yan Sang’s flagship store, two hostels and a law firm. Together, they sit on a combined land area of 6,262 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 the top floor, which overlooks the entire Chinatown district. It is within walking distance to the Chinatown and Telok Ayer MRT stations, as well as the upcoming Maxwell MRT station, part of the new Thomson-East Coast Line, which is slated to open in 2021. 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 use, or converting the second-floor office into a backpacker hostel, subject to approval from the authorities. “Alternatively, this is an excellent… [Read full story]
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