Chinatown Business Association wins tender to manage iconic Smith Street in Chinatown
Noontalk Media sent the greatest quote of $180,000, followed by runner-up CBA. Other quotes stretched from $108,174 from Benlo Ventures to $68,177 from ABR Holdings and a $53,000 proposal from IGYM Fitness.
The tender to select an one master tenant to look after the historic 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.
Lim says that the tender exercise was “really competitive” however CBA gained from its active presence in the district for over 20 years. “Over the two decades, we have actually built and nurtured connections, and this has bought us an ingrained connection to the ground,” she states. The organisation has indeed organised past event such as wide-scale event parties such as 5 Footway Festival and Dumpling Festival, to themed markets, street activities, events and workshops.
The master renter will carry out the integrated management of the shophouses and a surrounding State land story, which have a total acreage of 34,066 sq ft and an estimated gross floor area of 33,065 sq ft.
She includes that CBA is going to present “distinctly Singaporean F&B offerings and international food offerings for either locals and tourists to enjoy at Smith Road”.
The Chinatown Business Association (CBA) has won the tender for a row of iconic shophouses around Smith Road in Chinatown. CBA consists of stakeholders running in Chinatown, like business leaders, grassroots leaders, Chinese clan associations, hoteliers, hawkers and retailers.
“This experience is distinct to CBA, and we intend to leverage on our partnerships in the neighborhood and understanding of Chinatown Singapore’s heritage and society to infuse even more vibrancy to Smith Street and Chinatown Singapore,” says Lim.
The tender was reviewed based upon rate and the high quality of each submitted idea. It brought in 5 several prospective buyers the minute the tender closed in March, including CBA which sent the winning bid of $123,000. As the master tenant, CBA will certainly manage the real estates for 5 years plus a second term of four years.
Lentoria Hong Leong Group & Mitsui Fudosan
According to SLA, the revitalised Smith Street will see a brand-new line-up of lifestyle practices and dining experiences. It claims that CBA’s proposal of “distinguished lifestyle concepts, corresponding programs and improvements to the general public realm intends to better promote local Chinese heritage and reinforce the identification of the location”.
“Visitors to Chinatown Singapore can look forward to even more curated offerings and backgrounds for both locals and visitors upon the completion of the Smith Street rejuvenation venture. We are looking to generate much more engaging and experiential community programs, in addition to even more diverse offerings just like creative way of life, retail and co-living/co-working strategies, while maintaining and enjoying the location’s ethnic and architectural heritage,” states Lim Yick Suan, managing director, Chinatown Business Association.
