Commercial building on New Bridge Road up for sale at $80 mil
The property lies inside close proximity to the core CBD location and sits between 2 lifestyle hubs: Boat Quay and Clarke Quay. The building is additionally within a two-minute stroll from Clarke Quay MRT Station and supplies access to close-by food and beverage (F&B) and daily life features.
The EOI activity is expected to close on March 20 at 3pm.
CBRE includes that several new and approaching projects around are expected to further rejuvenate the location, such as the 48-key store high-end hotel 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 rests inside the Upper Circular Roadway Sanctuary and has double road front view along the crossway of New Bridge Road and Hongkong Street. The property has an overall acreage of around 4,318 sq ft and is zoned for business usage with a plot ratio of 4.2 under the URA Master Plan 2019.
The building just underwent substantial addition and alteration (A&A) functions, according to CBRE. This consisted of a complete overhaul of the building’s inside and the addition of a six-storey rear broadening.
Clemence Lee, executive director of capital markets at CBRE Singapore, claims: “With the development works freshly finished, the subject real estate will certainly additionally significantly interest owner-occupiers actively securing to establish strong marketing presence in a prime area for their organization.”
Prior to this property being offered, 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 person.
Upon finalization of its improvement works, the establishment today has a total gross floor area (GFA) of about 18,110 sq ft. Features consist of ordinary flooring plates, lift access on all floors, and a public open roof balcony.
A conservation business structure 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 premium advertising agent CBRE.
As the building is a commercial real estate, foreigners and business are qualified to acquire with an exception from the Additional Buyer’s Stamp Duty (ABSD) or Seller’s Stamp Duty (SSD) applicable on the purchase.
In addition, two upcoming massive combined developments are expected to follow. This includes CanningHill Piers, which makes up 696 household units; a retail platform and serviced homes; and Union Square, which is readied to include Grade A workplaces; 366 residential units; and co-living residences.
