Chinatown Business Association wins tender to manage iconic Smith Street in Chinatown
Noontalk Media sent 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 quote from IGYM Fitness.
The Chinatown Business Association (CBA) has won the tender for a row of legendary shophouses along Smith Road in Chinatown. CBA consists of stakeholders operating in Chinatown, such as business leaders, grassroots leaders, Chinese clan organizations, hoteliers, hawkers and sellers.
The tender to select a sole master occupant to look after the historical row of shophouses at 11 to 37 Smith Street was collectively launched by the Singapore Land Authority (SLA), the Singapore Tourism Board (STB) and the Urban Redevelopment Authority (URA) back in November last year.
Lim states that the tender exercise was “extremely tough” yet CBA gained from its active presence in the precinct for over twenty years. “Over the 2 decades, we have actually constructed and sustained relationships, and this has bought us an ingrained connection to the ground,” she claims. The organisation has organised past event such as wide-scale celebration celebrations such as 5 Footway Celebration and Dumpling Festival, to motif markets, street activities, occasions and workshops.
She adds that CBA will present “uniquely Singaporean F&B offerings and international food products for either citizens and tourists to appreciate at Smith Street”.
The tender was evaluated based on price and the quality of each sent principle. It drew in five several prospective buyers the moment the tender closed in March, including CBA which submitted the winning offer of $123,000. As the master tenant, CBA will certainly take care of the real estates for five years plus a second term of four years.
“This experience is one-of-a-kind to CBA, and we intend to utilize on our partnerships in the neighborhood and understanding of Chinatown Singapore’s heritage and way of life to infuse more excitement to Smith Street and Chinatown Singapore,” claims Lim.
According to SLA, the revitalised Smith Street will see a new line-up of lifestyle practices and eating experiences. It states that CBA’s bid of “separated way of living concepts, complementary programs and improvements to the general public realm aims to better promote regional Chinese heritage and build up the identification of the area”.
“Visitors to Chinatown Singapore can eagerly anticipate more curated services and backgrounds for both residents and visitors upon the conclusion of the Smith Street restoration venture. We are looking to bring in much more engaging and experiential neighborhood programs, in addition to more diverse offerings such as innovative way of life, retail and co-living/co-working practices, while preserving and celebrating the location’s ethnic and building heritage,” says Lim Yick Suan, executive director, Chinatown Business Association.
The master lessee will carry out the combined management of the shophouses and a nearby State land story, which have a complete land area of 34,066 sq ft and an estimated gross flooring area of 33,065 sq ft.
