Commercial building on New Bridge Road up for sale at $80 mil
Clemence Lee, executive administrator of capital markets at CBRE Singapore, states: “With the development works recently finished, the subject estate will likewise significantly attract owner-occupiers proactively securing to develop solid marketing visibility in a prime area for their business.”
Before this property being put up for sale, the last time a corner shophouse in the area was traded remained 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.
The property lies inside close distance to the core CBD area and sits in between 2 lifestyle centers: Boat Quay and Clarke Quay. The structure is also inside a two-minute walk from Clarke Quay MRT Stop and provides availability to nearby food and beverage (F&B) and everyday living amenities.
Furthermore, two upcoming massive integrated developments are expected to follow. This consists of CanningHill Piers, which comprises 696 household units; a retail podium and serviced homes; and Union Square, which is set to consist of Grade An offices; 366 non commercial units; and co-living houses.
CBRE includes that several new and upcoming properties in the vicinity are expected to even more revitalize the location, such as the 48-key store luxury resort at 21 Carpenter Street operated by Design Hotels, the spruced up CQ @ Clarke Quay, which underwent a $62 million asset enhancement effort.
The five-storey property sits within the Upper Circular Road Conservation area and has twin road frontage throughout the junction 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 use with a plot proportion of 4.2 under the URA Master Plan 2019.
As the structure is a commercial building, immigrants and firms are eligible to acquire with an exception 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 building today has a complete gross floor area (GFA) of roughly 18,110 sq ft. Features consist of regular floor plates, lift access on all floorings, and a public open rooftop terrace.
A conservation commercial establishment at 59 New Bridge Roadway has already been offered using an expression of interest (EOI) with an overview price of $80 million or $4,417 psf, according to premium advertising and marketing broker CBRE.
The property just undertook extensive addition and alteration (A&A) works, according to CBRE. This consisted of a complete overhaul of the building’s inside and the addition of a six-storey back extension.
The EOI exercise is expected to close on March 20 at 3pm.
