Commercial building on New Bridge Road up for sale at $80 mil
The property just underwent comprehensive addition and alteration (A&A) functions, according to CBRE. This included a full revamp of the building’s interior and the expansion of a six-storey rear broadening.
The property lies within close distance to the core CBD area and rests between two lifestyle centers: Boat Quay and Clarke Quay. The building is additionally inside a two-minute stroll from Clarke Quay MRT Terminal and supplies availability to nearby food and beverage (F&B) and daily life amenities.
Clemence Lee, executive director of capital markets at CBRE Singapore, states: “With the development works recently completed, the subject property will also significantly appeal to owner-occupiers actively securing to establish solid branding existence in a prime location for their organization.”
The five-storey property rests within the Upper Circular Road Sanctuary and has dual road frontage along the crossway of New Bridge Road and Hongkong Street. The property has a total land area of approximately 4,318 sq ft and is zoned for business usage with a plot ratio of 4.2 under the URA Master Plan 2019.
CBRE adds that several brand-new and future projects around are expected to further rejuvenate the area, such as the 48-key shop high-end hotel at 21 Carpenter Street operated by Design Hotels, the overhauled CQ @ Clarke Quay, which underwent a $62 million asset enhancement effort.
Additionally, two upcoming large-scale combined growths are anticipated to adhere to. This consists of CanningHill Piers, that consists of 696 household units; a retail podium and serviced houses; and Union Square, which is readied to include Grade A workplaces; 366 residential units; and co-living residences.
A conservation business structure at 59 New Bridge Roadway has already been put up for sale through an expression of interest (EOI) with an overview rate of $80 million or $4,417 psf, according to premium advertising and marketing broker CBRE.
Upon finish of its expansion works, the property now has a complete gross floor area (GFA) of around 18,110 sq ft. Functions include ordinary flooring plates, lift access on all floorings, and a public open roof terrace.
As the building is a commercial building, foreigners and business are qualified to purchase with an exemption from the Additional Buyer’s Stamp Duty (ABSD) or Seller’s Stamp Duty (SSD) relevant on the deal.
Before this property being put up for sale, the last time a corner shophouse in the area was traded was in mid-2023, says Lee. The shophouse was negotiated at $23.8 million, or $4,200 psf, on the built-up area to a high net-worth person.
The EOI exercise is anticipated to close on March 20 at 3pm.
