SilkRoad Property Partners sells prime South Bridge Road shophouses for $50 million, attracting local and foreign investors

Knight Frank Singapore has been appointed the exclusive marketing agent for a pair of shophouses at 273 and 275 South Bridge Road. The 999-year leasehold, four-storey shophouses have a footprint of 3,089 sq ft and a floor area of 11,008 sq ft. The sale is conducted under an expression of interest (EOI) exercise and will close on April 3.

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The existing owner of the shophouses is real estate investment manager SilkRoad Property Partners, which was sold to HSBC Asset Management in February. SilkRoad purchased the shophouses from Eu Realty in 2018 for $26.5 million.

The shophouses are currently leased to co-living hotel operator ST Signature Chinatown, with a five-year lease ending in June. The daily rates for the hotel start at $100 for a single room and $138 for a double room. The property is also within walking distance of the Maxwell MRT Station and the Chinatown Food Centre.

The shophouses are located in the Telok Ayer Conservation Area, with the Eu Yan Sang Building next door. Recently, the neighbouring shophouses at 265 to 271 South Bridge Road were refurbished and now house the premium co-working space, the Great Room.

Another shophouse at 201 South Bridge Road is also up for sale through an EOI exercise with a guide price of $8.8 million. The area has become livelier with the introduction of new dining spots and the opening of the Maxwell MRT Station in 2022.

Based on recent shophouse transactions, the market appears resilient and the area is no longer the tired old Chinatown.