Commercial building on New Bridge Road up for sale at $80 mil
The five-storey structure rests inside the Upper Circular Road Sanctuary and has twin road front view around the intersection 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 proportion of 4.2 under the URA Master Plan 2019.
Upon completion of its expansion works, the building now has a total gross floor area (GFA) of around 18,110 sq ft. Attributes consist of standard floor plates, lift access on all floors, and a public open canopy terrace.
Prior to 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 individual.
A conservation commercial building at 59 New Bridge Roadway has already been offered via an expression of interest (EOI) with an overview rate of $80 million or $4,417 psf, according to exclusive advertising and marketing agent CBRE.
Furthermore, two upcoming massive combined growths are anticipated to adhere to. This consists of CanningHill Piers, that makes up 696 household units; a retail platform and serviced residences; and Union Square, that is readied to consist of Grade A workplaces; 366 residential units; and co-living houses.
The EOI activity is assumed to finalize on March 20 at 3pm.
The building just underwent substantial addition and alteration (A&A) functions, according to CBRE. This included a complete overhaul of the structure’s inside and the enhancement of a six-storey back expansion.
Cape Royale Ho Bee Land & IOI Properties
Clemence Lee, executive administrator of capital markets at CBRE Singapore, claims: “With the expansion works freshly completed, the subject real estate will additionally substantially appeal to owner-occupiers proactively pursuing to establish solid branding presence in a prime area for their organization.”
CBRE adds that several new and approaching properties around are anticipated to more rejuvenate the place, such as the 48-key store deluxe hotel at 21 Carpenter Street operated by Design Hotels, the revamped CQ @ Clarke Quay, that underwent a $62 million asset enhancement effort.
As the structure is a commercial property, foreigners and business are eligible to acquire with an exemption from the Additional Buyer’s Stamp Duty (ABSD) or Seller’s Stamp Duty (SSD) appropriate on the deal.
The real estate lies inside close proximity to the core CBD area and sits between two lifestyle hubs: Boat Quay and Clarke Quay. The structure is additionally inside a two-minute walk from Clarke Quay MRT Stop and provides access to nearby food and beverage (F&B) and lifestyle facilities.
