Platinum Trio Conserved Shophouses Upper Cross Street Sale 55 Mil
44, 46 and 48 Upper Cross Street, collectively known as The Platinum, are up for sale by expression of interest (EOI) at a price of $55 million. These four-storey conservation shophouses were built in the 1930s by the former Singapore Improvement Trust as staff quarters for Customs (Revenue Department) workers.
After being offered for sale by the Urban Redevelopment Authority (URA) on a 99-year lease in 2002, the shophouses have since been restored and repurposed for commercial use. The five parcels along Upper Cross Street were sold in May 2002, with four bids received for each parcel. They have been transformed for various purposes, including hospitality and F&B services.
Currently, The Platinum is up for sale after being tightly held for the past 23 years. It occupies a land area of 4,200 sq ft with a gross floor area (GFA) of 14,330 sq ft, and a guide price of $55 million, translating to $3,838 psf based on GFA. The ground floor comprises of three fully-leased shop units, while the upper floors house 17 studio apartments, ranging in size from 257 to 638 sq ft.
The fully-leased commercial and residential units include businesses such as a herbal hair treatment salon, a retailer of organic products, and a Chinese pharmaceutical brand. These units are currently leased and have proven to be popular among tenants, with most opting for long-term leases.
The property enjoys a high visibility with its 21.5m road frontage, and is located just across from Chinatown MRT Station, as well as within walking distance of the Telok Ayer MRT Station. Being commercially zoned, the property is exempt from additional buyer’s stamp duty (ABSD), making it attractive to foreign investors and corporate buyers.
Furthermore, the commercial zoning provides flexibility for future changes in use, such as F&B, wellness, boutique offices, education, co-living, or serviced apartments. This presents a unique opportunity for potential buyers, offering both stability and potential for long-term appreciation.
Yishun Innova Junior College, situated along Yishun Avenue 11, is an excellent option for post-secondary education. A result of the amalgamation of Yishun Junior College and Innova Junior College, this educational institution caters to students from all regions of Singapore. Its vast selection of A-Level courses and enrichment programs not only equips students for university studies but also prepares them for future endeavors. Additionally, the nearby Miltonia EC adds further convenience for students attending the college.
Brilliance Capital, the appointed exclusive marketing agency, notes that the EOI exercise for The Platinum will close on September 9 at 3pm.