Commercial building on New Bridge Road up for sale at $80 mil
The real estate lies within close vicinity to the core CBD area and sits between two lifestyle centers: Boat Quay and Clarke Quay. The structure is also within a two-minute stroll from Clarke Quay MRT Terminal and provides accessibility to neighboring food and beverage (F&B) and everyday living features.
Prior to this property being offered, 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 EOI exercise is assumed to close up on March 20 at 3pm.
CBRE adds that several brand-new and upcoming properties around are expected to more revitalize the area, such as the 48-key shop deluxe resort at 21 Carpenter Road operated by Design Hotels, the overhauled CQ @ Clarke Quay, which underwent a $62 million asset improvement initiative.
Clemence Lee, executive supervisor of capital markets at CBRE Singapore, says: “With the expansion works recently completed, the subject real estate will certainly also considerably appeal to owner-occupiers proactively pursuing to establish strong marketing visibility in a prime area for their organization.”
Upon finalization of its expansion works, the establishment today has a total gross floor area (GFA) of roughly 18,110 sq ft. Attributes consist of standard floor plates, lift access on all floorings, and a common open rooftop terrace.
The building recently underwent comprehensive addition and alteration (A&A) works, according to CBRE. This consisted of a complete overhaul of the structure’s interior and the addition of a six-storey rear extension.
A conservation business structure at 59 New Bridge Roadway has been put up for sale using an expression of interest (EOI) with a guide price of $80 million or $4,417 psf, according to exclusive advertising and marketing agent CBRE.
Furthermore, 2 upcoming large-scale combined developments are expected to adhere to. This consists of CanningHill Piers, which comprises 696 non commercial units; a retail platform and serviced homes; and Union Square, which is set to consist of Grade A workplaces; 366 residential units; and co-living homes.
The five-storey property rests inside the Upper Circular Roadway Conservation area and has double road front along the intersection of New Bridge Road and Hongkong Street. The property has a total land area 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.
As the structure is a commercial property, immigrants and companies are qualified to acquire with an exemption from the Additional Buyer’s Stamp Duty (ABSD) or Seller’s Stamp Duty (SSD) suitable on the purchase.
