Commercial building on New Bridge Road up for sale at $80 mil
The real estate is located within close distance to the core CBD area and rests in between two lifestyle centers: Boat Quay and Clarke Quay. The structure is also inside 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 massive incorporated developments are anticipated to adhere to. This includes CanningHill Piers, that consists of 696 residential units; a retail podium and serviced homes; and Union Square, that is readied to consist of Grade A workplaces; 366 residential units; and co-living residences.
As the building is a commercial property, immigrants and firms are eligible to acquire with an exemption from the Additional Buyer’s Stamp Duty (ABSD) or Seller’s Stamp Duty (SSD) suitable on the transaction.
CBRE includes that a number of new and future projects in the vicinity are expected to more rejuvenate the area, such as the 48-key shop deluxe resort at 21 Carpenter Road run by Design Hotels, the overhauled CQ @ Clarke Quay, which went through a $62 million asset enhancement effort.
Clemence Lee, executive director of capital markets at CBRE Singapore, states: “With the development works freshly completed, the subject estate will additionally substantially attract owner-occupiers proactively seeking to establish strong branding existence in a prime location for their service.”
The EOI activity is expected to close on March 20 at 3pm.
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 individual.
The five-storey property rests within the Upper Circular Roadway Conservation area and has double road front along the intersection of New Bridge Road and Hongkong Street. The property has a complete land area of about 4,318 sq ft and is zoned for commercial usage with a plot ratio of 4.2 under the URA Master Plan 2019.
Upon finish of its improvement works, the building now has a complete gross floor surface area (GFA) of approximately 18,110 sq ft. Features include standard floor plates, lift access on all floors, and a communal open canopy terrace.
A conservation business structure at 59 New Bridge Roadway has been put up for sale by using an expression of interest (EOI) with an overview cost of $80 million or $4,417 psf, according to premium marketing broker CBRE.
The property just recently underwent substantial addition and alteration (A&A) works, according to CBRE. This consisted of a complete revamp of the structure’s interior and the addition of a six-storey back broadening.
