Chinatown Business Association wins tender to manage iconic Smith Street in Chinatown
The master lessee will carry out the combined management of the shophouses and an adjacent State land story, which have a total acreage of 34,066 sq ft and an estimated gross flooring area of 33,065 sq ft.
According to SLA, the revitalised Smith Street will see a new line-up of lifestyle methods and eating experiences. It states that CBA’s proposition of “set apart way of life ideas, corresponding programs and upgrades to the public field intends to further promote local Chinese heritage and strengthen the identification of the area”.
“Visitors to Chinatown Singapore can anticipate more curated offerings and backgrounds for both citizens and travellers upon the conclusion of the Smith Street restoration project. We are looking to bring in extra engaging and experiential neighborhood programmes, along with more diverse offerings for example, innovative lifestyle, retail industry and co-living/co-working approaches, whilst protecting and commemorating the place’s cultural and architectural culture,” says Lim Yick Suan, managing supervisor, Chinatown Business Association.
The tender was reviewed based upon price and the top quality of each sent principle. It attracted 5 several prospective buyers when the tender closed in March, involving CBA which submitted the winning proposal of $123,000. As the master renter, CBA will take care of the buildings for 5 years plus a second term of four years.
Pinetree Hill UOL Group & Singapore Land Group Limited
She adds that CBA will introduce “distinctly Singaporean F&B offerings and international food offerings for both residents and vacationers to enjoy at Smith Road”.
The Chinatown Business Association (CBA) has won the tender for a row of legendary shophouses throughout Smith Street in Chinatown. CBA contains stakeholders operating in Chinatown, such as business leaders, grassroots leaders, Chinese clan associations, hoteliers, hawkers and merchants.
Lim states that the tender activity was “really challenging” however CBA took advantage of its active existence in the district for over twenty years. “Over the two decades, we have constructed and nurtured relationships, and this has afforded us a deep-rooted link to the ground,” she says. The organisation has indeed organised past event such as wide-scale festival events such as 5 Footway Celebration and Dumpling Event, to themed markets, street activities, occasions and workshops.
“This experience is one-of-a-kind to CBA, and we want to leverage on our connections in the neighborhood and expertise of Chinatown Singapore’s heritage and culture to infuse even more vibrancy to Smith Street and Chinatown Singapore,” claims Lim.
Noontalk Media sent the highest bid of $180,000, followed by runner-up CBA. Other proposals stretched from $108,174 from Benlo Ventures to $68,177 from ABR Holdings and a $53,000 quote from IGYM Fitness.
The tender to select a single master tenant to manage the historical row of shophouses at 11 to 37 Smith Street was collectively introduced by the Singapore Land Authority (SLA), the Singapore Tourism Board (STB) and the Urban Redevelopment Authority (URA) back in November last year.
