13 Smith Street shophouses available to single tenant
SLA revealed that Temasek Trust won the lease. The lease is for a duration of three months, but there’s an option to renew for another two periods of three months. The lease is currently running.
Other state-owned commercial property clusters managed by a master tenants include a lifestyle group by The Lo & Behold Group located at 46 and 58 Kim Yam Road and Orto Park Leisure situated at 27 West Coast Highway.
Edwin Tong – Second Minister for Law – told Parliament that the SLA has also explored the possibility of handing some residential estates containing black and coloured houses over to private developers, for longer leases ranging from 30 to 60 Years.
The Smith Street contract, launched jointly between SLA, Singapore Tourism Board and Urban Redevelopment Authority on February 21, 2020, will end.
A group of 13 state owned shophouses ranging from 11-37 Smith Street will be put up for auction to a single tenant under a project to revitalize Chinatown’s historic conservation area.
The master tenant will cover approximately 3,166 square meters (sqm) of land, and a gross floor space of approximately 2,073 sqm.
Business plans for the future should include projections on visitorship, financial projections, and the use of the space.
SLA explained that price will comprise 30 per cent of assessment. Capex will represent 20 per cent.
In 2017, a similar quality-price tender was offered for the conserved state property at 26, 28, 32, and 34 Orchard Road.
Singapore Land Authority says the revitalization project aims at bringing more life to the area through more varied offerings including co-living/coworking, creative lifestyle and retail concepts.
Bids submitted for the Smith Street project are evaluated according to their cost, capital expenditure (capex), and quality.