Commercial building on New Bridge Road up for sale at $80 mil
CBRE adds that numerous new and upcoming properties around are expected to further revitalize the area, such as the 48-key store luxury hotel at 21 Carpenter Street run by Design Hotels, the spruced up CQ @ Clarke Quay, which went through a $62 million asset enhancement campaign.
In addition, 2 upcoming massive incorporated growths are anticipated to adhere to. This includes CanningHill Piers, that consists of 696 household units; a retail podium and serviced houses; and Union Square, which is readied to include Grade An offices; 366 residential units; and co-living houses.
The five-storey building rests within the Upper Circular Road Conservation area and has dual road front along the junction of New Bridge Road and Hongkong Street. The property has a total acreage of approximately 4,318 sq ft and is zoned for business usage with a plot ratio of 4.2 under the URA Master Plan 2019.
8@BT Bukit Sembawang Estates Liimited
Clemence Lee, executive administrator of capital markets at CBRE Singapore, states: “With the development works freshly completed, the subject property will likewise significantly appeal to owner-occupiers actively seeking to establish strong marketing presence in a prime area for their organization.”
The EOI activity is expected to close up 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, states Lee. The shophouse was transacted at $23.8 million, or $4,200 psf, on the built-up area to a high net-worth individual.
Upon finish of its expansion works, the property currently has an overall gross floor surface area (GFA) of roughly 18,110 sq ft. Functions consist of regular flooring plates, lift access on all floorings, and a public open canopy balcony.
The real estate lies inside close vicinity to the core CBD area and sits between two lifestyle hubs: Boat Quay and Clarke Quay. The structure is additionally within a two-minute stroll from Clarke Quay MRT Stop and supplies accessibility to neighboring food and beverage (F&B) and everyday living features.
As the structure is a commercial building, immigrants and business are qualified to buy with an exception from the Additional Buyer’s Stamp Duty (ABSD) or Seller’s Stamp Duty (SSD) appropriate on the purchase.
The property just recently undertook considerable addition and alteration (A&A) works, according to CBRE. This included a full revamp of the structure’s inside and the expansion of a six-storey back broadening.
A conservation business structure at 59 New Bridge Roadway has already been put up for sale through an expression of interest (EOI) with a guide cost of $80 million or $4,417 psf, according to exclusive advertising and marketing agent CBRE.
