Iconic Eu Yan Sang building more than a century old
Now, more than a century later, these 4 shophouse units have been put up for sale for $62.5 million. Within these walls once housed the first traditional Chinese medicine Eu Yan Sang outlet in Singapore. It was set up by founder Eu Tong Sen and designed by architect Alfred Bidwell, who incidentally also designed the iconic Raffles Hotel and Victoria Memorial Hall.
The shophouses are owned by EU Realty (a unit of Eu Yan Sang International) and the current tenants of the 4 shophouse units include not only Eu Yan Sang’s flagship store but also a law firm and 2 hostels.
At a reserve price of $62.5 million, the per square foot price works out to be approximately $3,150 psf or $2,785 psf if the terrace is taken into consideration.
The land area on which the 4 shophouses sit measure 6,262 sq ft and the gross floor area (GFA) works out to be 19,885 sq ft.
Prime location near Tanjong Pagar and Chinatown
The site is zoned for commercial use and hence are also made available to foreign buyers. The plus – no additional buyer’s stamp duty or seller’s stamp duty will be imposed on the sale.
The shophouses have a 23-metre frontage facing the Buddha Tooth Relic Temple and Museum and will also be accessible via the Maxwell MRT station on the new Thomson-East Coast Line. The existing Chinatown and Telok Ayer MRT stations are also within walking distance.
The site is near Chinatown, with the famous Maxwell food centre just around the corner, with the Ann Siang hill enclave just behind and the Tanjong Pagar and Shenton Way business district a few streets away.
While the site is zoned only for commercial use, foot traffic is high, coming not only from tourists but also from the increasing number of residents living in the area.
See more: Chinatown: Classic meets Modern