Commercial building on New Bridge Road up for sale at $80 mil
As the building is a commercial real estate, foreigners and business are eligible to buy with an exception from the Additional Buyer’s Stamp Duty (ABSD) or Seller’s Stamp Duty (SSD) applicable on the purchase.
A conservation business building at 59 New Bridge Road has recently been offered using an expression of interest (EOI) with a guide rate of $80 million or $4,417 psf, according to exclusive marketing agent CBRE.
Clemence Lee, executive supervisor of capital markets at CBRE Singapore, says: “With the expansion works recently completed, the subject property will also substantially interest owner-occupiers proactively securing to establish strong marketing existence in a prime area for their company.”
The five-storey structure rests within the Upper Circular Roadway Conservation area and has twin road frontage around the crossway of New Bridge Road and Hongkong Street. The property has a complete acreage of approximately 4,318 sq ft and is zoned for business use with a plot proportion of 4.2 under the URA Master Plan 2019.
Furthermore, 2 upcoming large combined growths are anticipated to follow. This consists of CanningHill Piers, that comprises 696 non commercial units; a retail platform and serviced houses; and Union Square, which is set to consist of Grade An offices; 366 non commercial units; and co-living homes.
The property lies within close distance to the core CBD location and rests between 2 lifestyle hubs: Boat Quay and Clarke Quay. The structure is additionally inside a two-minute walking from Clarke Quay MRT Station and provides availability to close-by food and beverage (F&B) and everyday living features.
The EOI exercise is expected to finalize on March 20 at 3pm.
The building just underwent substantial addition and alteration (A&A) functions, according to CBRE. This included a full overhaul of the building’s inside and the addition of a six-storey rear expansion.
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 person.
CBRE includes that a number of brand-new and future projects around are anticipated to more rejuvenate the location, such as the 48-key shop high-end hotel at 21 Carpenter Street operated by Design Hotels, the spruced up CQ @ Clarke Quay, that went through a $62 million asset enhancement campaign.
Upon finish of its expansion works, the establishment today has a total gross floor area (GFA) of about 18,110 sq ft. Functions include regular floor plates, lift access on all floorings, and a common open rooftop terrace.
