# Rare trio of adjoining freehold Chinatown shophouses up for $48 mil

- **Source:** EdgeProp Singapore
- **Published:** 2026-09-14T04:00:00.000Z
- **Author:** Kuan Yee Teo
- **Original:** https://www.edgeprop.sg/property-news/rare-trio-adjoining-freehold-chinatown-shophouses-up-for-48-mil
- **Topics:** Commercial & Industrial, Government & Policy, Transactions & Deals

## Featured rationale

The rare large-scale, income-producing Chinatown asset may attract institutional investors, family offices and foreign buyers seeking stable commercial rental income without lease decay or additional buyer’s stamp duty.

## AI summary

Three adjoining freehold conservation shophouses at 42/44/46 Smith Street, fully leased with about 9,500 sq ft of built-up area, are offered at $48 million.

## Original article

Three adjoining freehold conservation shophouses in one of Singapore's most tightly held heritage precincts are up for sale via Expression of Interest (EOI). Positioned along the vibrant Smith Street, the combined asset brings together a rare combination of scale, immediate income and long-term investment value according to its exclusive marketing agent from ERA, Eva Lau.

Occupying approximately 2,784 sq ft of land with a total built-up area of about 9,500 sq ft, the three units at 42/44/46 Smith Street zoned for commercial use, are fully leased. The owner is looking at a guide price of $48 million.

The sale comes with secure, long-term tenancy income. The ground floor is tenanted to a restaurant while the second and third floors are occupied by JYU Capsule Hotel, an established backpacker hostel with a proven operating track record and consistently strong guest reviews across major online travel agencies. A traditional Chinese medicine clinic, a long-time tenant, occupies the attic.

Rare large-scale conservation asset

Opportunities to acquire multiple adjoining conservation shophouses are especially limited, particularly within Singapore's heritage districts. Furthermore, the combined ownership provides greater flexibility and opportunities for asset management, future repositioning and long-term value creation.

“Large freehold conservation assets of this scale are seldom available in the market. The scale of the properties is expected to attract strong interest from institutional investors, family offices and long-term investors seeking to preserve wealth through quality commercial real estate,” Lau highlights.

Located along the iconic Smith Street directly opposite the Chinatown Complex — Singapore’s largest hawker and shopping complex with over 200 stalls and a public carpark — the three shophouses enjoy a prominent position in the heart of Chinatown with a steady pedestrian flow of tourists, office workers and local visitors throughout the day.

Highly accessible, the shophouses are within walking distance of Chinatown MRT and Maxwell MRT stations, providing connectivity via the North-East, Downtown and Thomson-East Coast lines.

Within the vicinity are hotels, offices, retail outlets, restaurants and popular tourist spots — such as the Buddha Tooth Relic Temple and Sri Mariamman Temple — which add to the area's enduring commercial appeal.

Smith Street is also being rejuvenated by the Chinatown Business Association to offer more curated and diverse offerings and experiences for both locals and tourists, such as community programmes, creative lifestyle, retail, as well as co-living and co-working concepts.

Corner position with strong street presence

The shophouses occupy a prominent corner position with multiple frontages, enhancing both visibility and accessibility. Compared with typical mid-terrace shophouses, the configuration also allows for better natural light and ventilation.

Major renovation works completed in 2023 further reduce near-term capital expenditure requirements.

Their strong street presence offers commercial occupiers excellent branding and signage opportunities, contributing to the property's long-term leasing appeal.

Freehold ownership in a tightly held heritage precinct

The shophouses are fully leased, providing immediate recurring rental income. JYU Capsule Hotel operates under a long-term lease, ensuring stable cash flow.

Within Chinatown's conservation district, opportunities to acquire three adjoining freehold properties of this scale are exceptionally scarce.

Freehold conservation shophouses remain among Singapore's most sought-after commercial assets, valued for their rarity, heritage value and immunity from lease decay.

Moreover, commercial properties are exempt from additional buyer's stamp duty and they can be purchased by foreign buyers.

Combining freehold tenure, scale and a prime Chinatown location, the shophouses represent a rare opportunity to acquire a sizeable heritage commercial asset with immediate yield and long-term capital appreciation potential.

The EOI will close at 3pm on 16 October 2026.

For more information,

Contact Eva Lau | 92785688

Senior Marketing Director (R062169F)

ERA REALTY NETWORK PTE LTD

## Chinese translation

> Translation model: openai_codex_cli

### 罕见三间相连永久地契牛车水店屋以4,800万新元求售

三间相连的永久地契保育店屋，在牛车水核心地段提供罕见的大规模投资机会。

三间相连的永久地契保育店屋，位于新加坡其中一个业主持有意愿最强的历史街区，现通过意向书（EOI）方式出售。据其独家营销代理ERA的Eva Lau称，该组合资产坐落于充满活力的Smith Street，兼具罕见规模、即时收入和长期投资价值。

位于42/44/46 Smith Street的三间单位规划作商业用途，占地约2,784平方英尺，总建筑面积约9,500平方英尺，目前已全部出租。业主的指导价为4,800万新元。

此次出售附带稳定的长期租赁收入。底层租给一家餐厅，二楼和三楼由JYU Capsule Hotel承租，该酒店是一家成熟的背包客旅舍，拥有经验证的运营纪录，并在主要在线旅游平台上持续获得良好住客评价。阁楼由一间传统中医诊所承租，该诊所是长期租户。

罕见的大规模保育资产

购入多间相连保育店屋的机会尤其有限，特别是在新加坡的历史街区内。此外，组合式持有权为资产管理、未来重新定位和长期价值创造提供更大灵活性与机会。

“如此规模的大型永久地契保育资产在市场上很少见。预计这些物业的规模将吸引机构投资者、家族办公室以及希望通过优质商业房地产保值的长期投资者的浓厚兴趣，”Lau强调。

这三间店屋位于标志性的Smith Street，正对Chinatown Complex——新加坡最大的熟食与购物中心，拥有逾200个摊位和公共停车场——在牛车水核心地段占据显眼位置，全天享有来自游客、上班族和本地访客的稳定人流。

店屋交通极为便利，步行可达Chinatown MRT和Maxwell MRT地铁站，可通过东北线、市区线和汤申-东海岸线实现连接。

周边有酒店、办公楼、零售店、餐厅和热门旅游景点，如佛牙寺龙华院和Sri Mariamman Temple，进一步增强了该区域持久的商业吸引力。

Smith Street也正由Chinatown Business Association推动焕新，为本地居民和游客提供更精心策划且更多元的产品与体验，例如社区项目、创意生活方式、零售，以及共居和共享办公概念。

转角位置，临街展示度强

这些店屋占据显眼的转角位置，拥有多个临街面，提升了可见度和可达性。与典型的中间排屋店屋相比，这一格局也带来更好的自然采光和通风。

2023年完成的大规模翻新工程进一步降低了近期资本开支需求。

其强大的临街展示度为商业租户提供了出色的品牌展示和招牌机会，有助于提升该物业的长期出租吸引力。

业主持有意愿强的历史街区内的永久地契产权

这些店屋已全部出租，可提供即时的经常性租金收入。JYU Capsule Hotel以长期租约运营，确保稳定现金流。

在牛车水保育区内，购入三间此等规模相连永久地契物业的机会极为稀缺。

永久地契保育店屋仍是新加坡最受追捧的商业资产之一，因其稀缺性、历史价值以及不受租契衰减影响而备受重视。

此外，商业物业可豁免额外买方印花税，并可由外国买家购买。

结合永久地契产权、规模和牛车水黄金地段，这些店屋代表了一次罕见机会，可购入一项具备即时收益和长期资本增值潜力的可观规模历史商业资产。

EOI将于2026年10月16日下午3时截止。

欲了解更多信息，

请联系Eva Lau | 92785688

高级营销董事（R062169F）

ERA REALTY NETWORK PTE LTD