Commercial building on New Bridge Road up for sale at $80 mil
The building just recently went through substantial addition and alteration (A&A) works, according to CBRE. This consisted of a complete overhaul of the building’s interior and the addition of a six-storey rear expansion.
Clemence Lee, executive director of capital markets at CBRE Singapore, says: “With the expansion works newly finished, the subject estate will additionally significantly attract owner-occupiers actively pursuing to establish solid branding visibility in a prime location for their organization.”
Upon completion of its improvement works, the building today has an overall gross floor area (GFA) of around 18,110 sq ft. Functions consist of regular flooring plates, lift access on all floorings, and a public open rooftop terrace.
Prior to this property being offered, the last time a corner shophouse in the location was traded remained in mid-2023, claims Lee. The shophouse was negotiated at $23.8 million, or $4,200 psf, on the built-up area to a high net-worth person.
CBRE includes that several brand-new and upcoming developments in the vicinity are expected to even more rejuvenate the location, such as the 48-key boutique luxury hotel at 21 Carpenter Street operated by Design Hotels, the overhauled CQ @ Clarke Quay, that underwent a $62 million asset improvement campaign.
Furthermore, two upcoming large-scale integrated growths are anticipated to comply with. This includes CanningHill Piers, that comprises 696 residential units; a retail podium and serviced homes; and Union Square, which is readied to consist of Grade A workplaces; 366 residential units; and co-living houses.
As the building is a commercial property, immigrants and companies are qualified to buy with an exemption from the Additional Buyer’s Stamp Duty (ABSD) or Seller’s Stamp Duty (SSD) suitable on the purchase.
The property is located inside close vicinity to the core CBD area and rests between 2 lifestyle hubs: Boat Quay and Clarke Quay. The structure is also inside a two-minute walk from Clarke Quay MRT Station and supplies ease of access to close-by food and beverage (F&B) and everyday living facilities.
A conservation business building at 59 New Bridge Road has recently been put up for sale through an expression of interest (EOI) with a guide cost of $80 million or $4,417 psf, according to premium marketing broker CBRE.
The five-storey property sits within the Upper Circular Roadway Sanctuary and has dual road frontage throughout the intersection of New Bridge Road and Hongkong Street. The property has a total acreage of approximately 4,318 sq ft and is zoned for commercial use with a plot proportion of 4.2 under the URA Master Plan 2019.
The EOI exercise is anticipated to close up on March 20 at 3pm.
