# Chinatown shophouse trio The Platinum at Upper Cross Street relaunched at $45 mil, 18% below year-ago price - **Source:** EdgeProp Singapore - **Published:** 2026-07-16T02:20:00.000Z - **Author:** Cecilia Chow - **Original:** https://www.edgeprop.sg/property-news/chinatown-shophouse-trio-platinum-upper-cross-street-relaunched-45-mil-18-below-year-ago-price - **Topics:** Commercial & Industrial, New Launches, Transactions & Deals ## Featured rationale The lower entry price, full occupancy and potential alternative uses may widen investor interest while testing demand for prime leasehold conservation assets with 75 years remaining. ## AI summary The Platinum’s three conserved Upper Cross Street shophouses were relaunched at $45 million, or $3,140 psf by GFA, 18% below their year-ago asking price. ## Original article The Platinum, a row of conserved shophouses at 44, 46 and 48 Upper Cross Street in the heart of Chinatown, has been relaunched for sale via an expression of interest (EOI). The guide price of $45 million is $10 million (18%) lower than the asking price of $55 million a year ago. The properties occupy a combined site area of 4,200 sq ft with a 21.5m street frontage. Combined, they have a total gross floor area (GFA) of 14,330 sq ft. Hence, the revised guide price of $45 million translates to $3,140 psf based on GFA, says Yong Choon Fah, senior associate director of Brilliance Capital, the exclusive marketing agent for the shophouses. The first level of the four-storey shophouses features three retail units that are tenanted to herbal hair treatment salon Two Herbs, organic products retailer Enhance Organic Biotechnology and Chinese pharmaceutical brand Beijing Tong Ren Tang, founded in 1669. Read also: People's Park Centre takes third stab at collective sale with $1.48 bil guide price The three upper floors house 17 studio units, all fully leased. The building has a lift serving every floor. Owner for close to 24 years The owner, investment holding company Tomlinson Investment, acquired the site when URA offered five plots along Upper Cross Street for sale in May 2002. Tomlinson Investment refurbished and restored the 1930s shophouses and repurposed them as a commercial property comprising 17 serviced apartments (SA2 — with a minimum stay of three months) and three retail shops. It has held the asset for the past 24 years. The properties have a 99-year lease that began in 2002, with 75 years remaining. “For the discerning investor, the remaining lease of this duration provides sufficient runway for multiple investment cycles at an attractive entry point materially below comparable freehold assets in the CBD,” says Yong. Future asset enhancement, alternative uses The block of shophouses has been zoned for commercial use under the URA Master Plan 2025. According to Yong, URA has indicated that it is prepared to consider proposals for alternative uses if they are supported by a comprehensive asset enhancement programme that meets prevailing planning and conservation requirements. Future concepts could include hospitality-led accommodation, boutique lifestyle offerings, wellness-related uses, professional offices, education-related facilities or other commercial concepts that complement Chinatown’s continued rejuvenation. Read also: Rare conservation shophouse in Jalan Besar up for sale at $8.19 mil “The Platinum therefore presents opportunities for future asset enhancement,” notes Yong. [object Object] The three adjoining four-storey conserved commercial shophouses on Upper Cross Street are directly opposite Chinatown MRT Interchange Station (North-East Line/Downtown Line). It is in the heart of Chinatown, “at the intersection of Singapore’s financial district and tourism belt, and one of the city-state’s most recognised heritage precincts”, says Brilliance Capital. Upper Cross Street benefits from its proximity to Chinatown MRT Interchange and the adjoining Chinatown Point mall, the surrounding office population in the CBD, and the wide variety of F&B offerings in the area, especially with the opening of the retail podium at the neighbouring 989-room Mercure Icon City Centre — the largest Mercure hotel in the world — in 2024. Brilliance Capital expects the shophouses at Upper Cross Street to benefit from urban renewal taking place in the neighbouring Raffles Place, Telok Ayer, Clarke Quay and Outram Park, as well as the future Greater Southern Waterfront. Leasehold shophouse segment — resilient Recent transactions suggest investor appetite for conservation shophouses remains firm, says Yong. Freehold deals in the area include a three-storey corner unit at 3 Keong Saik Road that changed hands in May for $22 million, a new high of $6,799 psf based on GFA. Further down the street, the intermediate conservation shophouse at 22 Keong Saik Road was transacted at $16 million ($4,844 psf), according to caveats lodged. The leasehold segment has proven equally resilient. A two-storey shophouse at 116 Tanjong Pagar Road changed hands for $5.6 million, according to a caveat lodged in May. Based on GFA, the price translates to $3,484 psf. Read also: Conservation shophouse on Crane Road on the market for $8 mil The 99-year leasehold property has a lease from 1989, hence a remaining lease of 62 years. Separately, a pair of freehold conservation shophouses at 136 and 138 Neil Road was reported to have transacted for $40.88 million, reflecting $3,577 psf on a GFA basis. “The transactions highlight the continued depth of investor demand for prime conservation assets in Singapore,” says Yong. “Well-positioned leasehold conservation assets continue to command healthy capital values where location, income profile and long-term fundamentals are compelling.” The EOI will close on Aug 12. Check out the latest listings for Chinatown properties ## Chinese translation > Translation model: grok ### 牛车水Upper Cross Street店屋组合The Platinum以4,500万新元重新推出，较一年前低18% 修订指导价4,500万新元，按总楼面面积（GFA）折合每平方英尺3,140新元；店屋剩余地契约75年。 The Platinum是位于牛车水核心、Upper Cross Street 44、46与48号的一排保育店屋，已通过意向表达（EOI）方式重新推出出售。指导价4,500万新元，较一年前叫价5,500万新元低1,000万新元（18%）。 物业合计占地4,200平方英尺，临街面宽21.5米；总楼面面积（GFA）合计14,330平方英尺。因此，修订指导价4,500万新元按GFA折合每平方英尺3,140新元，店屋独家营销代理Brilliance Capital高级副董事Yong Choon Fah表示。 这三栋四层店屋的一楼设有三个零售单位，租户分别为草药护发沙龙Two Herbs、有机产品零售商Enhance Organic Biotechnology，以及创立于1669年的中药品牌北京同仁堂（Beijing Tong Ren Tang）。 另读：People's Park Centre第三次尝试集体出售，指导价14.8亿新元 楼上三层设有17个工作室单位，全部已租出。楼宇每层均有电梯服务。 持有近24年 业主为投资控股公司Tomlinson Investment，于2002年5月市区重建局（URA）推出Upper Cross Street五幅地段出售时购入。 Tomlinson Investment翻新并修复了这些1930年代店屋，改作商业物业，包含17套服务公寓（SA2——最短租期三个月）与三间零售店面，并持有该资产达24年。 物业为2002年起计的99年地契，剩余约75年。 Yong表示：“对眼光独到的投资者而言，这一剩余年期足以支撑多个投资周期，且入市价较中央商务区可比永久地契资产明显更具吸引力。” 未来资产提升与替代用途 该店屋组在《URA总体规划2025》下划为商业用途。Yong称，URA已表明，若替代用途提案有全面资产提升计划支持，并符合现行规划与保育要求，当局愿意考虑。 未来概念可包括以酒店式住宿为主、精品生活方式、康养相关用途、专业办公、教育相关设施，或其他配合牛车水持续振兴的商业概念。 另读：Jalan Besar稀有保育店屋以819万新元出售 Yong指出：“因此，The Platinum为未来资产提升提供了机会。” Upper Cross Street这三栋相连的四层保育商业店屋，正对牛车水地铁换乘站（东北线/市区线）。Brilliance Capital表示，其位于牛车水核心，“处于新加坡金融区与旅游带交汇处，也是城邦最知名的遗产片区之一”。 Upper Cross Street受益于邻近牛车水地铁换乘站与毗邻的Chinatown Point商场、中央商务区周边办公人口，以及该区丰富餐饮选择——尤其是邻近989间客房的Mercure Icon City Centre（全球最大Mercure酒店）零售裙楼于2024年开业后。 Brilliance Capital预计，Upper Cross Street店屋将受益于邻近莱佛士坊、直落亚逸（Telok Ayer）、克拉码头（Clarke Quay）与欧南园（Outram Park）的都市更新，以及未来的大南部滨水区。 租赁地契店屋板块——具韧性 Yong表示，近期交易显示投资者对保育店屋兴趣仍稳。区内永久地契交易包括Keong Saik Road 3号三层转角单位，5月以2,200万新元转手，按GFA创每平方英尺6,799新元新高。 同街更远处，Keong Saik Road 22号中间型保育店屋成交1,600万新元（每平方英尺4,844新元），据已登记caveat。 租赁地契板块同样具韧性。Tanjong Pagar Road 116号两层店屋以560万新元转手，据5月登记caveat；按GFA折合每平方英尺3,484新元。 另读：Crane Road保育店屋以800万新元挂牌 该99年地契物业自1989年起计，剩余约62年。 另据报道，Neil Road 136与138号一对永久地契保育店屋以4,088万新元成交，按GFA折合每平方英尺3,577新元。 Yong表示：“这些交易凸显投资者对新加坡优质保育资产需求的持续深度。在区位、收入结构与长期基本面具吸引力的情况下，定位良好的租赁地契保育资产仍能维持稳健资本价值。” EOI将于8月12日截止。 查看牛车水物业最新盘源