Commercial building on New Bridge Road up for sale at $80 mil
The building just went through substantial addition and alteration (A&A) functions, according to CBRE. This consisted of a full overhaul of the structure’s inside and the enhancement of a six-storey back broadening.
Upon finalization of its expansion works, the property currently has an overall gross floor area (GFA) of roughly 18,110 sq ft. Features include regular floor plates, lift access on all floors, and a common open roof balcony.
The five-storey structure sits within the Upper Circular Road Sanctuary and has double road front view around the crossway of New Bridge Road and Hongkong Street. The property has a complete acreage of around 4,318 sq ft and is zoned for commercial usage with a plot ratio of 4.2 under the URA Master Plan 2019.
Clemence Lee, executive director of capital markets at CBRE Singapore, says: “With the growth works newly completed, the subject real estate will certainly likewise considerably interest owner-occupiers proactively securing to develop solid marketing existence in a prime area for their organization.”
The property is located within close distance to the core CBD area and sits in between two lifestyle centers: Boat Quay and Clarke Quay. The structure is also inside a two-minute walking from Clarke Quay MRT Terminal and offers availability to nearby food and beverage (F&B) and daily life amenities.
As the structure is a commercial property, foreigners and business are eligible to purchase with an exception from the Additional Buyer’s Stamp Duty (ABSD) or Seller’s Stamp Duty (SSD) suitable on the deal.
Furthermore, two upcoming large combined growths are anticipated to comply with. This includes CanningHill Piers, that makes up 696 residential units; a retail podium and serviced residences; and Union Square, that is readied to include Grade An offices; 366 residential units; and co-living homes.
The EOI exercise is anticipated to finalize on March 20 at 3pm.
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 negotiated at $23.8 million, or $4,200 psf, on the built-up area to a high net-worth individual.
A conservation business establishment at 59 New Bridge Road has been offered by 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.
CBRE includes that a number of brand-new and forthcoming developments in the vicinity are expected to more revitalize the place, such as the 48-key store high-end hotel at 21 Carpenter Street run by Design Hotels, the overhauled CQ @ Clarke Quay, which underwent a $62 million asset improvement campaign.
