Commercial building on New Bridge Road up for sale at $80 mil
As the building is a commercial real estate, immigrants and business are eligible to buy with an exemption from the Additional Buyer’s Stamp Duty (ABSD) or Seller’s Stamp Duty (SSD) applicable on the transaction.
Upon finish of its expansion works, the property now has a complete gross floor area (GFA) of about 18,110 sq ft. Functions consist of typical flooring plates, lift access on all floors, and a common open canopy terrace.
The EOI exercise is assumed to finalize on March 20 at 3pm.
In addition, two upcoming large integrated growths are anticipated to comply with. This consists of CanningHill Piers, which consists of 696 non commercial units; a retail podium and serviced houses; and Union Square, that is readied to include Grade An offices; 366 residential units; and co-living residences.
Prior to this property being put up for sale, the last time a corner shophouse in the area was traded was in mid-2023, states Lee. The shophouse was negotiated at $23.8 million, or $4,200 psf, on the built-up area to a high net-worth person.
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Clemence Lee, executive administrator of capital markets at CBRE Singapore, says: “With the development works newly finished, the subject estate will certainly additionally greatly appeal to owner-occupiers proactively pursuing to develop solid marketing existence in a prime area for their business.”
The five-storey building sits within the Upper Circular Road Sanctuary and has twin road frontage around the crossway of New Bridge Road and Hongkong Street. The property has a complete acreage of approximately 4,318 sq ft and is zoned for commercial usage with a plot ratio of 4.2 under the URA Master Plan 2019.
A conservation business building at 59 New Bridge Road has already been put up for sale through an expression of interest (EOI) with a guide price of $80 million or $4,417 psf, according to premium advertising broker CBRE.
The property just underwent considerable addition and alteration (A&A) functions, according to CBRE. This included a total overhaul of the structure’s inside and the expansion of a six-storey rear extension.
CBRE adds that several brand-new and upcoming properties around are expected to even more revitalize the area, such as the 48-key boutique luxury resort at 21 Carpenter Street run by Design Hotels, the revamped CQ @ Clarke Quay, that underwent a $62 million asset enhancement campaign.
The real estate lies within close proximity to the core CBD area and sits between two lifestyle hubs: Boat Quay and Clarke Quay. The building is additionally within a two-minute walk from Clarke Quay MRT Stop and provides ease of access to neighboring food and beverage (F&B) and everyday living features.
