Commercial building on New Bridge Road up for sale at $80 mil
The building recently undertook comprehensive addition and alteration (A&A) works, according to CBRE. This included a full revamp of the building’s inside and the addition of a six-storey rear expansion.
In addition, 2 upcoming massive incorporated developments are anticipated to adhere to. This consists of CanningHill Piers, that comprises 696 non commercial units; a retail podium and serviced residences; and Union Square, that is readied to consist of Grade A workplaces; 366 non commercial units; and co-living homes.
The real estate lies inside close vicinity 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 Station and supplies ease of access to nearby food and beverage (F&B) and daily life services.
The EOI activity is expected to close up on March 20 at 3pm.
A conservation commercial establishment at 59 New Bridge Road has recently been offered using an expression of interest (EOI) with a guide price of $80 million or $4,417 psf, according to premium advertising and marketing agent CBRE.
Before 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.
As the building is a commercial real estate, immigrants and business are eligible to purchase with an exception from the Additional Buyer’s Stamp Duty (ABSD) or Seller’s Stamp Duty (SSD) appropriate on the purchase.
CBRE includes that several new and upcoming developments around are anticipated to further revitalize the area, such as the 48-key shop deluxe resort at 21 Carpenter Road run by Design Hotels, the spruced up CQ @ Clarke Quay, which underwent a $62 million asset improvement campaign.
Upon completion of its expansion works, the establishment today has an overall gross floor area (GFA) of approximately 18,110 sq ft. Attributes consist of regular flooring plates, lift access on all floors, and a communal open canopy terrace.
Clemence Lee, executive supervisor of capital markets at CBRE Singapore, says: “With the growth works newly finished, the subject property will also significantly interest owner-occupiers actively pursuing to establish strong branding visibility in a prime area for their organization.”
The five-storey structure rests inside the Upper Circular Road Sanctuary and has dual 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 commercial usage with a plot proportion of 4.2 under the URA Master Plan 2019.
