Commercial building on New Bridge Road up for sale at $80 mil
The property just recently went through substantial addition and alteration (A&A) works, according to CBRE. This consisted of a complete overhaul of the structure’s inside and the expansion of a six-storey rear expansion.
Clemence Lee, executive supervisor of capital markets at CBRE Singapore, says: “With the development works freshly finished, the subject estate will certainly likewise considerably attract owner-occupiers actively seeking to establish strong marketing presence in a prime area for their business.”
The property is located inside close distance to the core CBD location and sits in between two lifestyle centers: Boat Quay and Clarke Quay. The building is also within a two-minute walking from Clarke Quay MRT Stop and supplies ease of access to nearby food and beverage (F&B) and lifestyle features.
Upon finish of its improvement works, the property today has a total gross floor surface area (GFA) of about 18,110 sq ft. Functions include standard flooring plates, lift access on all floorings, and a communal open canopy terrace.
Prior to 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.
CBRE adds that numerous brand-new and future properties in the vicinity are expected to even more revitalize the place, such as the 48-key boutique luxury resort at 21 Carpenter Road operated by Design Hotels, the spruced up CQ @ Clarke Quay, which underwent a $62 million asset improvement effort.
The EOI exercise is assumed to close up on March 20 at 3pm.
A conservation business establishment at 59 New Bridge Roadway has recently been put up for sale by using an expression of interest (EOI) with an overview price of $80 million or $4,417 psf, according to premium marketing broker CBRE.
The five-storey structure sits inside the Upper Circular Road Conservation area and has double road front throughout 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 commercial use with a plot proportion of 4.2 under the URA Master Plan 2019.
Furthermore, two upcoming large-scale incorporated developments are assumed to follow. This consists of CanningHill Piers, which makes up 696 non commercial units; a retail podium and serviced houses; and Union Square, which is set to consist of Grade A workplaces; 366 residential units; and co-living houses.
As the building is a commercial property, foreigners and firms are qualified to purchase with an exception from the Additional Buyer’s Stamp Duty (ABSD) or Seller’s Stamp Duty (SSD) relevant on the transaction.
