A cluster of four-storied conservation shophouses, collectively known as The Platinum, located at 44, 46 and 48 Upper Cross Street, has been put up for sale through expression of interest (EOI) at an asking price of $55 million.The shophouses, which span a total of four storeys, are situated directly across from Chinatown Point and Chinatown MRT Station on the Downtown Line. They were originally built in the 1930s by the former Singapore Improvement Trust to serve as quarters for staff working in the Customs (Revenue Department).In 2002, the Urban Redevelopment Authority (URA) offered the shophouses on Upper Cross Street, Mosque Street and New Bridge Road for sale on a 99-year leasehold basis. The intention was for these properties to be preserved and transformed into commercial spaces. The properties were divided into 10 different parcels, with two or three shophouses grouped together in each parcel. Five of these parcels were sold through public auction, while the remaining five were sold via public tender.Read also: Properties for sale at Tras Street, Telok Ayer Street and Chuan GardenAdvertisementAdvertisementThe development known as The Platinum is situated within a row of conservation shophouses along Upper Cross Street that were also sold in 2002 (Source: EdgeProp Inspector)From customs quarters to thriving businessesThe parcels of shophouses on Upper Cross Street were successfully sold in May 2002, with each parcel receiving four bids. Since then, the shophouses have been meticulously restored and refurbished for various purposes, such as hospitality and food and beverage (F&B) services.One of the parcels, comprising two shophouses at 38 and 40/42 Upper Cross Street, was sold for $2.8 million to WTL Enterprises Pte Ltd, a company associated with Wing Thye Loong Ginseng & Herbs. The shophouses are now home to Wink @ Upper Cross Street, a capsule hotel.The parcel of shophouses at 44, 46 and 48 Upper Cross Street were purchased for $2.95 million by Tomlinson Investment, an investment holding company. They were later transformed into The Platinum, a mixed-use commercial development that comprises 17 serviced apartments on the upper floors and three retail units on the ground floor.Additionally, the shophouses at 52/54 and 56/58 Upper Cross Street were acquired for $3.4 million by Spring Court Restaurant Pte Ltd, which is a family-owned company behind Spring Court, one of Singapore’s oldest Chinese restaurants established in 1929. The restaurant spans over four connected shophouses at Upper Cross Street and comprises facilities for banquets, VIP rooms, private karaoke rooms, and a lift that serves all floors.62 and 64 Upper Cross Street were sold for $2.988 million to Global Jewellers and Goldsmiths Pte Ltd, which has since converted the property into the Bliss Hotel. The largest of the five parcels of shophouses on Upper Cross Street was acquired by Bright Link Development Pte Ltd, a company associated with Worldwide Hotels Group. This particular location is currently occupied by Hotel 81.Read also: Pair of adjoining shophouses on South Bridge Road for sale at $50 mil AdvertisementAdvertisementThe 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 fully leased (All the following photos by Albert Chua/EdgeProp Singapore)After 23 years, the shophouses are on the marketThe row of conservation shophouses along Upper Cross Street has been held tightly for the past 23 years until recently, when The Platinum was put up for sale.According to Brilliance Capital, which has been appointed as the exclusive marketing agency, The Platinum is situated on a land area of 4,200 sq ft and has a gross floor area (GFA) of 14,330 sq ft. Based on the $55 million guide price, the cost per square foot is $3,838, based on the GFA.On the ground floor, there are three fully-leased shop units. The tenants include 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 has been in operation since 1669 and was once the official supplier of herbal medicine to the Qing imperial court from 1793 to 1911.The courtyard garden on the second floor is for residents’ use The upper floors house 17 studio apartments, ranging 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.All units are currently leased. 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 snapped up within days, with the tenants taking up one-year leases. While the minimum lease period is three months, most tenants opt for one- to two-year leases, with some even taking a three-year lease, says Yong Choon Fah, senior associate director at Brilliance Capital. Monthly rental includes housekeeping twice a week, weekly linen changes, fibre internet, utilities, air conditioning, minor repairs, and an in-room safe.A 440 sq ft unit currently on the market commands a rental rate from $3,400 a monthOne of the loft-style studio units on the fourth floor The sleeping area on the attic floor of the loft-style apartmentFlexibility for future change of useYong Choon Fah notes that since the property enjoys a road frontage of 21.5 metres, it offers high visibility and the potential for exclusive naming and signage rights for the new owner.Read also: Joo Chiat Road conservation shophouse on the market for $10.5 milAdvertisementAdvertisementIn addition to its prime location directly across from Chinatown MRT Station, The Platinum is also within walking distance of the Telok Ayer MRT Station.Since this is a commercial property, it is not subject to the additional buyer’s stamp duty (ABSD), making it more accessible to foreign investors and corporate buyers. “Residential investments usually offer modest yields compared to commercial assets, but they are stable, resilient, and easy to manage – especially in city-fringe locations like Chinatown,” Yong adds.Moreover, its commercial zoning allows for flexibility in terms of future changes in use, including F&B, wellness, boutique offices, education, co-living, or serviced apartments. “The Platinum offers the best of both worlds: a stable, income-generating asset today, with the potential for adaptive reuse and long-term capital appreciation in the future,” she says.The EOI exercise for The Platinum will close on September 9 at 3pm.
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