Eu Yan Sang Building in Chinatown going for $62.5 mil

Eu Yan Sang Building in Chinatown, comprising four contiguous shophouses, has been put up for sale at $62.5 million, or about $3,143 psf on the gross floor area. Located at 265 to 271 South Bridge Road, the row of three-storey conservation buildings has a gross floor area of 19,885 sq ft and sits on a combined land area of 6,262 sq ft.
The properties are in the Telok Ayer Conservation Area, and command a 23-metre frontage along South Bridge Road. The land has a 999-year tenure that started in 1823, and is zoned for commercial use under the 2019 Draft Master Plan. The owner proposes to offer the shophouses with a leasehold tenure of 199 years from the date of completion of the sale and purchase of the property. The units are currently leased to the Eu Yan Sang flagship store, two hostels and a law firm.