Commercial building on New Bridge Road up for sale at $80 mil
The building recently underwent considerable addition and alteration (A&A) works, according to CBRE. This consisted of a complete revamp of the building’s interior and the addition of a six-storey back broadening.
The real estate is located inside close distance to the core CBD location and rests between two lifestyle centers: Boat Quay and Clarke Quay. The structure is also inside a two-minute walking from Clarke Quay MRT Terminal and supplies accessibility to close-by food and beverage (F&B) and daily life facilities.
In addition, 2 upcoming massive incorporated developments are anticipated to follow. This includes CanningHill Piers, which comprises 696 residential units; a retail podium and serviced houses; and Union Square, that is set to include Grade An offices; 366 non commercial units; and co-living residences.
A conservation commercial building at 59 New Bridge Road has been offered using an expression of interest (EOI) with a guide price of $80 million or $4,417 psf, according to exclusive advertising broker CBRE.
The five-storey building rests within the Upper Circular Road Conservation area and has dual road front view along the junction of New Bridge Road and Hongkong Street. The property has a complete land area of about 4,318 sq ft and is zoned for business use with a plot proportion of 4.2 under the URA Master Plan 2019.
Prior to this property being put up for sale, the last time a corner shophouse in the location was traded remained 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 individual.
Clemence Lee, executive supervisor of capital markets at CBRE Singapore, states: “With the development works recently finished, the subject property will certainly additionally greatly appeal to owner-occupiers actively seeking to establish strong marketing existence in a prime area for their organization.”
CBRE includes that numerous brand-new and forthcoming properties around are anticipated to more revitalize the location, such as the 48-key store luxury hotel at 21 Carpenter Street run by Design Hotels, the spruced up CQ @ Clarke Quay, that went through a $62 million asset improvement campaign.
The EOI activity is anticipated to close up on March 20 at 3pm.
As the structure is a commercial building, immigrants and companies are eligible to purchase with an exemption from the Additional Buyer’s Stamp Duty (ABSD) or Seller’s Stamp Duty (SSD) relevant on the purchase.
Upon finish of its expansion works, the building today has a total gross floor surface area (GFA) of around 18,110 sq ft. Functions include standard floor plates, lift access on all floorings, and a communal open rooftop balcony.
