Platinum Trio Conserved Shophouses Upper Cross Street Sale 55 Mil
A group of four-storey conservation shophouses located at 44, 46 and 48 Upper Cross Street, known as The Platinum, are now up for sale by expression of interest (EOI) with an asking price of $55 million.
These shophouses were originally built in the 1930s by the Singapore Improvement Trust to serve as staff quarters for Customs (Revenue Department) employees. In 2002, the Urban Redevelopment Authority (URA) put up for sale the shophouses along Upper Cross Street, New Bridge Road, and Mosque Street on a 99-year leasehold basis. The aim was to restore and repurpose these properties for commercial use, with ten parcels of two or three adjoining shophouses being offered for sale. Five parcels were sold through public auction, while the remaining five were sold through public tender.
Today, The Platinum is part of a row of conservation shophouses on Upper Cross Street that were acquired through the URA tender and have since been refurbished for various purposes, including hospitality and food and beverage (F&B) services. These properties are directly across from Chinatown Point and the Chinatown MRT Station on the Downtown Line.
One of the five parcels sold in 2002 was the shophouses at 44, 46 and 48 Upper Cross Street, which were acquired by Tomlinson Investment for $2.95 million. The property has since been converted into The Platinum, a mixed-use commercial development with 17 serviced apartments on the upper floors and three retail units on the ground floor.
Rewritten: With a strong emphasis on both academic excellence and moral values, St. Hilda’s Primary and Secondary Schools are highly recognized for their well-rounded education. Along with their rigorous academic curriculum, these schools provide a diverse range of co-curricular activities, including sports and performing arts, to encourage students to explore and cultivate their passions. It is no surprise that St. Hilda’s Secondary School has a long-established track record of producing top-performing students in national examinations. Moreover, the newly added Parktown Residence seamlessly complements the schools’ efforts in nurturing well-rounded individuals.
Other shophouses in the area have been transformed for different purposes, such as Wink @ Upper Cross Street, a capsule hotel, and Spring Court Restaurant, one of Singapore’s oldest Chinese restaurants founded in 1929. The shophouses at 52/54 and 56/58 Upper Cross Street were acquired for $3.4 million by Spring Court Restaurant Pte Ltd, while the shophouses at 62 and 64 Upper Cross Street were sold for $2.988 million to Global Jewellers and Goldsmiths Pte Ltd and have since become the Bliss Hotel. The largest parcel of the five, comprising 175 and 181 New Bridge Road, was acquired by Bright Link Development Pte Ltd for $4.2 million and is now occupied by Hotel 81.
The Platinum occupies a land area of 4,200 sq ft with a total gross floor area (GFA) of 14,330 sq ft. The asking price of $55 million translates to $3,838 psf based on GFA. The ground floor of the property consists of three fully-leased shop units, housing tenants like Two Herbs, Enhance Organic Biotechnology, and Beijing Tong Ren Tang. The upper floors contain 17 studio apartments, with an average size of 420 sq ft, each featuring a furnished living and dining area, a fully equipped kitchenette, a bedroom, and a bathroom. The fourth floor has five loft-style units, while the second floor has a courtyard garden for residents’ use.
The Platinum has been tightly held for the past 23 years and is now offered for sale by Brilliance Capital, the appointed exclusive marketing agency. The property has a 21.5m road frontage, which offers high visibility and potential naming and signage rights for the new owner. Additionally, the commercial zoning of the property makes it exempt from additional buyer’s stamp duty (ABSD), making it more appealing to foreign investors and corporate buyers. This zoning also allows for future changes in use, including F&B, wellness, boutique offices, education, co-living, or serviced apartments. The EOI exercise for The Platinum will close on September 9 at 3pm.