Chinatown Business Association wins tender to manage iconic Smith Street in Chinatown
The Chinatown Business Association (CBA) has actually won the tender for a row of renowned shophouses throughout Smith Street in Chinatown. CBA includes stakeholders operating in Chinatown, such as business leaders, grassroots leaders, Chinese clan organizations, hoteliers, hawkers and stores.
The master occupant will take on the combined management of the shophouses and an adjacent State land story, which have a total land area of 34,066 sq ft and an approximated gross floor area of 33,065 sq ft.
“Visitors to Chinatown Singapore can look forward to even more curated offerings and backgrounds for both residents and travellers upon the conclusion of the Smith Street rejuvenation venture. We are looking to generate much more engaging and experiential neighborhood programs, in addition to more various offerings such as creative lifestyle, retail industry and co-living/co-working approaches, while protecting and commemorating the area’s ethnical and architectural culture,” says Lim Yick Suan, managing director, Chinatown Business Association.
Noontalk Media submitted the highest possible proposal of $180,000, followed by runner-up CBA. Other proposals ranged from $108,174 from Benlo Ventures to $68,177 from ABR Holdings and a $53,000 proposal from IGYM Fitness.
“This experience is one-of-a-kind to CBA, and we wish to utilize on our relationships in the neighborhood and understanding of Chinatown Singapore’s heritage and society to inject more excitement to Smith Street and Chinatown Singapore,” states Lim.
Lim states that the tender activity was “very challenging” however CBA took advantage of its active presence in the district for over two decades. “Over the 2 decades, we have actually constructed and nurtured connections, and this has afforded us an ingrained connection to the ground,” she states. The organisation has organised past event such as wide-scale event celebrations such as 5 Footway Festival and Dumpling Event, to themed markets, street activities, occasions and workshops.
The tender was reviewed based on rate and the top quality of each provided idea. It brought in five various prospective buyers when the tender came March, involving CBA which sent the winning proposal of $123,000. As the master tenant, CBA will certainly handle the properties for five years plus a 2nd term of 4 years.
The tender to appoint a single master tenant to look after the historic row of shophouses at 11 to 37 Smith Street was mutually released by the Singapore Land Authority (SLA), the Singapore Tourism Board (STB) and the Urban Redevelopment Authority (URA) back in November last year.
According to SLA, the revitalised Smith Street are going to view a brand-new line-up of lifestyle methods and dining experiences. It says that CBA’s bid of “distinguished lifestyle principles, corresponding programs and improvements to the public scope intends to better promote neighborhood Chinese heritage and strengthen the identity of the location”.
She includes that CBA will present “uniquely Singaporean F&B offerings and global food products for either citizens and tourists to experience at Smith Road”.
