Commercial building on New Bridge Road up for sale at $80 mil
A conservation business building at 59 New Bridge Roadway has recently been put up for sale through an expression of interest (EOI) with an overview price of $80 million or $4,417 psf, according to premium marketing broker CBRE.
Furthermore, 2 upcoming large integrated growths are assumed to adhere to. This consists of CanningHill Piers, that makes up 696 non commercial units; a retail platform and serviced houses; and Union Square, that is readied to consist of Grade An offices; 366 residential units; and co-living residences.
The real estate is located inside close proximity to the core CBD area and rests between two lifestyle centers: Boat Quay and Clarke Quay. The building is also within a two-minute walking from Clarke Quay MRT Terminal and offers availability to nearby food and beverage (F&B) and lifestyle features.
The building just underwent comprehensive addition and alteration (A&A) functions, according to CBRE. This included a full overhaul of the building’s inside and the enhancement of a six-storey rear broadening.
Prior to this property being put up for sale, the last time a corner shophouse in the area was traded was in mid-2023, claims Lee. The shophouse was transacted 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, claims: “With the expansion works recently completed, the subject property will certainly also greatly appeal to owner-occupiers actively seeking to develop solid marketing presence in a prime area for their company.”
As the structure is a commercial property, immigrants and business are qualified to buy with an exemption from the Additional Buyer’s Stamp Duty (ABSD) or Seller’s Stamp Duty (SSD) relevant on the purchase.
The five-storey building sits inside the Upper Circular Roadway Sanctuary and has dual road front view along 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 usage with a plot proportion of 4.2 under the URA Master Plan 2019.
Upon finalization of its expansion works, the building today has an overall gross floor surface area (GFA) of about 18,110 sq ft. Features consist of standard floor plates, lift access on all floorings, and a communal open rooftop balcony.
The EOI exercise is assumed to close up on March 20 at 3pm.
CBRE includes that a number of new and upcoming developments around are expected to even more revitalize the area, such as the 48-key shop high-end resort at 21 Carpenter Street run by Design Hotels, the spruced up CQ @ Clarke Quay, that underwent a $62 million asset improvement campaign.
