Chinatown Business Association wins tender to manage iconic Smith Street in Chinatown
Noontalk Media submitted 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 proposal from IGYM Fitness.
The tender was evaluated based upon rate and the quality of each sent concept. It brought in 5 different prospective buyers when the tender closed in March, including CBA which submitted the winning bid of $123,000. As the master occupant, CBA will certainly take care of the properties for 5 years plus a second term of 4 years.
The master renter are going to carry out the integrated management of the shophouses and a surrounding State land story, which have a complete land area of 34,066 sq ft and an estimated gross floor location of 33,065 sq ft.
The Chinatown Business Association (CBA) has actually won the tender for a row of famous shophouses along Smith Road in Chinatown. CBA includes stakeholders operating in Chinatown, such as business leaders, grassroots leaders, Chinese clan associations, hoteliers, hawkers and retailers.
Lim says that the tender exercise was “very competitive” however CBA benefitted from its energetic existence in the precinct for over twenty years. “Over the 2 decades, we have actually constructed and fostered relationships, and this has afforded us an ingrained link to the ground,” she states. The organisation has indeed arranged past occasion such as wide-scale event events such as 5 Footway Celebration and Dumpling Event, to themed markets, street tasks, events and workshops.
The tender to designate an one master renter 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 in 2023.
“Visitors to Chinatown Singapore can expect more curated offerings and experiences for both residents and tourists upon the conclusion of the Smith Street rejuvenation venture. We are looking to bring in much more engaging and experiential neighborhood programmes, along with even more various offerings just like imaginative way of life, retail and co-living/co-working practices, while protecting and enjoying the area’s ethnical and architectural culture,” states Lim Yick Suan, managing supervisor, Chinatown Business Association.
Marina View Residences floor plan
“This experience is one-of-a-kind to CBA, and we hope to take advantage of on our partnerships in the community and expertise of Chinatown Singapore’s heritage and society to inject even more dynamics to Smith Road and Chinatown Singapore,” says Lim.
She includes that CBA will present “distinctly Singaporean F&B offerings and global food products for both residents and tourists to experience at Smith Road”.
According to SLA, the revitalised Smith Street are going to view a brand-new line-up of way of life concepts and eating experiences. It states that CBA’s pitch of “separated way of living concepts, corresponding programs and enhancements to the general public scope intends to better promote local Chinese heritage and build up the identity of the area”.
