13 Smith Street shophouses are available for a single tenant
Singapore Land Authority (SLA), said the rejuvenation plan aims to bring vibrancy into the area with more community programmes as well as diverse offerings like creative lifestyles, retail, co-living/coworking and co-living concepts.
The Smith Street project bids will be judged on their price, capital expenditure and quality of the bids regarding the property management and existing pedestrian mall.
Under a plan designed to revitalize the historic Chinatown area, a group of 13 state-owned shops from 11 to 38 Smith Street are up for bid to a master tenant.
The master lease will cover an area of land of approximately 3,166 sq. metres (sq. m) with a floor area gross of 3,073 square meters. The initial term is five years with an option for a further four.
SLA stated that Temasek Trust had been awarded the lease for a term of three-years, with an option for it to be renewed for two additional terms of three-years. The lease continues to run.
A lifestyle development by the Lo & Behold Group, located at 46-58 Kim Yam Road at River Valley; and Orto Park Leisure, at 27 West Coast Highway are also clusters of state owned commercial properties that are managed by a Master Tenant.
Edwin Tong (second minister for Law) told the Parliament in July that SLA also explores the feasibility of giving some residential estates with white and black houses to private developers on longer leases between 30 and 60 years.
The Smith Street tender launched jointly by SLA and the Singapore Tourism Board as well as the Urban Redevelopment Authority will close on 21 February 2024.
In the long-term planning of the space, the proposed business plan should include financial projections and visitorship projections.
SLA stated that pricing would account for 30 percent of the assessment. Capex will receive a weight of 20 percent. The remaining 50 percent will be based on the quality of a proposal.
In 2017, the authority held a similar price/quality tender for conserved State properties at 26, 28 30, 32 and 36 Orchard Road.