Commercial building on New Bridge Road up for sale at $80 mil
The real estate lies inside close vicinity to the core CBD location and rests between 2 lifestyle centers: Boat Quay and Clarke Quay. The building is additionally within a two-minute walking from Clarke Quay MRT Terminal and offers ease of access to close-by food and beverage (F&B) and daily life amenities.
Additionally, 2 upcoming large-scale integrated growths are assumed to adhere to. This includes CanningHill Piers, which consists of 696 residential units; a retail podium and serviced houses; and Union Square, which is readied to consist of Grade A workplaces; 366 residential units; and co-living homes.
The EOI activity is anticipated to close up on March 20 at 3pm.
As the structure is a commercial building, foreigners and firms are qualified to acquire with an exception from the Additional Buyer’s Stamp Duty (ABSD) or Seller’s Stamp Duty (SSD) relevant on the purchase.
The property just underwent considerable addition and alteration (A&A) works, according to CBRE. This consisted of a total revamp of the building’s inside and the addition of a six-storey back broadening.
A conservation commercial building at 59 New Bridge Roadway has been put up for sale through an expression of interest (EOI) with a guide rate of $80 million or $4,417 psf, according to premium advertising and marketing agent CBRE.
Clemence Lee, executive director of capital markets at CBRE Singapore, says: “With the growth works freshly finished, the subject estate will certainly also considerably interest owner-occupiers actively seeking to develop solid branding presence in a prime location for their company.”
Prior to this property being put up for sale, the last time a corner shophouse in the location 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.
The five-storey structure sits inside the Upper Circular Roadway Sanctuary and has double road front along 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.
CBRE includes that numerous new and forthcoming developments in the vicinity are anticipated to more revitalize the place, such as the 48-key shop luxury hotel at 21 Carpenter Street run by Design Hotels, the revamped CQ @ Clarke Quay, which underwent a $62 million asset improvement campaign.
Upon completion of its improvement works, the property currently has a total gross floor area (GFA) of approximately 18,110 sq ft. Features include regular floor plates, lift access on all floors, and a public open roof terrace.
