Commercial building on New Bridge Road up for sale at $80 mil
The building just recently went through substantial addition and alteration (A&A) functions, according to CBRE. This consisted of a full revamp of the structure’s interior and the expansion of a six-storey rear extension.
In addition, two upcoming massive combined growths are expected to comply with. This includes CanningHill Piers, that makes up 696 non commercial units; a retail platform and serviced residences; and Union Square, which is readied to include Grade An offices; 366 non commercial units; and co-living residences.
The EOI exercise is assumed to finalize on March 20 at 3pm.
Upon finalization of its expansion works, the property now has a total gross floor surface area (GFA) of roughly 18,110 sq ft. Attributes consist of ordinary floor plates, lift access on all floorings, and a common open rooftop balcony.
The real estate lies inside close distance to the core CBD location and sits in between two lifestyle hubs: Boat Quay and Clarke Quay. The structure is additionally inside a two-minute stroll from Clarke Quay MRT Stop and supplies ease of access to nearby food and beverage (F&B) and daily life amenities.
A conservation business building at 59 New Bridge Road has already been offered via an expression of interest (EOI) with a guide price of $80 million or $4,417 psf, according to premium marketing broker CBRE.
The five-storey property rests within the Upper Circular Roadway Conservation area and has dual road front throughout the junction 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.
CBRE adds that numerous new and future projects in the vicinity are anticipated to further rejuvenate the area, such as the 48-key shop deluxe hotel at 21 Carpenter Road operated by Design Hotels, the overhauled CQ @ Clarke Quay, that went through a $62 million asset improvement campaign.
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.
As the structure is a commercial property, immigrants and companies are eligible to purchase with an exemption from the Additional Buyer’s Stamp Duty (ABSD) or Seller’s Stamp Duty (SSD) appropriate on the deal.
Clemence Lee, executive administrator of capital markets at CBRE Singapore, states: “With the development works freshly finished, the subject real estate will certainly likewise greatly attract owner-occupiers proactively seeking to develop strong marketing presence in a prime area for their company.”
