Thirteen Smith Street shophouses up for single tenant tender
Edwin Tong, the Second Minister of Law in the Singapore Parliament, said that SLA is exploring whether it’s possible to hand over residential estates that have black and white homes to private developers under longer leases of between 30 to 60 year.
The master tenancy is spread over a total area of around 3,166 square metres with a gross surface area of roughly 3,073 m2. The lease term is for five year with an optional renewal for four more years.
Singapore Land Authority’s (SLA) rejuvenation project is designed to increase footfall and bring in more people with diverse community programs, including creative lifestyle, retail, and coliving/coworking. This will be done while maintaining the cultural and architectural heritage of the area.
Bids on the Smith Street Project will be assessed based upon price, capex as well the quality of proposals for managing the properties and pedestrian mall.
Long-term planning should include financial and visitorship forecasts.
SLA says that 30 percent of an assessment will be taken up by pricing, while capex will get a 20 percent weighting.
The Smith Street joint tender, launched by SLA jointly with the Singapore Tourism Board (STB) and the Urban Redevelopment Authority (URA), closes on the 21st of February 2024.
A single master tenant will be able to bid for a row consisting of state-owned shophouses between 11 and 37 Smith Street as part a revitalization plan for the historic Chinatown conservation zone.
The Lo & Behold Group has developed a lifestyle project at 46 and 58 Kim Yam Road (River Valley) and Orto Park Leisure is located at 27 West Coast Highway.
In 2017, the authority conducted a similar bid for state-owned properties in Orchard Road 26, 28, 30, 32, and 36.
SLA confirmed that Temasek Trust received a lease with a three-year term, and the option of renewing it for an additional two three-year terms. The lease has not expired.