Iconic standalone block of seven adjoining conservation shophouses at Chinatown for sale via Expression of Interest

Singapore, 4 January 2024 – CBRE, as the exclusive marketing agent, is offering for sale an iconic, standalone block of seven adjoining 3-storey conservation shophouses at 20 Trengganu Street. The sale will be conducted through an Expression of Interest exercise, which will close on 7 February 2024, Wednesday at 3pm.

The Property sits on an island plot that occupies a total land area of 10,444 sq ft and floor area of approximately 31,364 sq ft. Furthermore, there are a total of seven shopfront units with a total floor area of approximately 1,300 sf located in front of the Property that can be leased from the Chinatown Business Association (CBA). Presently, the ground floor is tenanted to multiple retail outlets such as a supermarket, fruit stall, and tourist boutique retail clothing outlet. The second floor is tenanted to a renowned Chinese restaurant, while the third floor is occupied by a boutique hotel operator. 

Indicative price for the Property is S$88 million, or approximately $2,806 psf on the existing floor area.  Foreigners are eligible to purchase with no Additional Buyer’s Stamp Duty (ABSD) or Seller’s Stamp Duty (SSD) imposed on the transaction. 

Located within the heart of the Chinatown Historic District, one of Singapore’s most distinguished and popular tourist destinations, the Property enjoys excellent visibility and triple frontage of more than 100-metres along the main thoroughfares of Trengganu, Smith, and Temple Streets. These are 3 of the 5 shopping streets in Chinatown that are converted into bustling street markets and bazaar during the festive seasons of Chinese New Year, offering a variety of traditional goods and snacks. With the Light-Up Festival that is scheduled in conjunction with these events, Chinatown usually experiences a surge in shopper traffic during the festive seasons as locals and tourists flock in to enjoy the annual festival and dynamic atmosphere.



Mr Clemence Lee (利伟强), Executive Director, Capital Markets, Singapore at CBRE, says, “The main allure of this investment opportunity is the scarcity of such “shophouse blocks” in Singapore. Typically distinguished by a row of uniform and adjoining conservation shophouses sitting on an independent island block, these assets collectively exude a monumental and majestic ambiance with their impressive scale. Only a handful of such blocks remain in Singapore, i.e. 46-50 Mosque Street (Row of 12 shophouses) and 42-45 Mosque Street (Row of 10 shophouses), 17-33 Jalan Sultan (Row of 17 shophouses) and 161 Lavender Road (Row of 11 shophouses), all of which were previously brokered by CBRE.

Given the asset’s relative scale and size, a multifaceted value-enhancement strategy can be deployed to unlock further capital values. The expansive ground floor units that are bounded by Trengganu, Smith, and Temple Streets typically enjoy high shopper traffic throughout the day, making them ideal for potential restaurant units or F&B kiosks. The incoming owner can also look to convert the second floor into Hotel or Residential use to house a co-living facility that could potentially be expanded to the third floor, allowing the operator to integrate and rebrand the upper floors into a larger accommodation facility to enjoy economies of scale. These respective changes of use will be subject to approval from the relevant authorities.

Mr Lee adds, “Ongoing rejuvenation activities within the immediate vicinity are expected to instill vibrancy and refresh the neighbourhood with a new lease of life. This includes a joint price quality tender launched by Singapore Land Authority (SLA), Singapore Tourism Board (STB), and Urban Redevelopment Authority (URA) on 30 November 2023 for a row of 13 adjoining conservation shophouses at 11 to 37 Smith Street, just adjacent to the subject property. The renewal project aims to reinvigorate Smith Street, formerly the site of the reputed Chinatown Food Street, by injecting an array of new dining concepts, co-working / co-living facilities, and community-centric programmes such as festivals and cultural-heritage tours.” 

On the back of positive market news that has been recently announced, such as the US Federal Reserve holding interest rates steady with potential indications of rate cuts in 2024, and Singapore’s plans to commence a new 30-day visa-free regime with China, investment activity and tourism arrivals are expected to experience an uptick in 2024. This places the incoming owner to be in a strong position to capitalise on potential rental upsides and capital appreciation in the mid to long term horizon.”

20 Trengganu Street enjoys exceptional accessibility being enveloped by 4 MRT Stations that are all within a short 10-minutes walk away. They include Chinatown MRT Interchange (3-mins), Maxwell MRT (4-mins), Telok Ayer MRT (9-mins) and Tanjong Pagar MRT (10-mins). The nearby Keppel Viaduct, Central Expressway (CTE) and Marine Coastal Expressway (MCE) also makes it highly accessible to other parts of Singapore.