Commercial building on New Bridge Road up for sale at $80 mil
Upon finish of its improvement works, the building now has a complete gross floor surface area (GFA) of around 18,110 sq ft. Features include regular flooring plates, lift access on all floors, and a communal open rooftop terrace.
The five-storey building sits within the Upper Circular Road Sanctuary and has twin road frontage 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 business usage with a plot ratio of 4.2 under the URA Master Plan 2019.
The building just recently underwent extensive addition and alteration (A&A) works, according to CBRE. This included a complete revamp of the building’s interior and the enhancement of a six-storey back broadening.
Before this property being offered, the last time a corner shophouse in the location was traded was in mid-2023, says Lee. The shophouse was transacted at $23.8 million, or $4,200 psf, on the built-up area to a high net-worth person.
A conservation business building at 59 New Bridge Road has already 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 exclusive marketing broker CBRE.
Union Square Residences condominium
Clemence Lee, executive administrator of capital markets at CBRE Singapore, states: “With the expansion works freshly completed, the subject property will likewise considerably attract owner-occupiers proactively seeking to develop solid marketing presence in a prime location for their company.”
The property is located inside close vicinity to the core CBD area and rests between two lifestyle centers: Boat Quay and Clarke Quay. The structure is additionally within a two-minute stroll from Clarke Quay MRT Station and supplies access to neighboring food and beverage (F&B) and lifestyle facilities.
As the building is a commercial building, foreigners 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 purchase.
The EOI exercise is expected to finalize on March 20 at 3pm.
Additionally, 2 upcoming large combined growths are expected to adhere to. This consists of CanningHill Piers, that makes up 696 residential units; a retail podium and serviced houses; and Union Square, that is readied to consist of Grade A workplaces; 366 residential units; and co-living residences.
CBRE adds that a number of brand-new and forthcoming projects around are expected to further revitalize the location, such as the 48-key shop luxury hotel at 21 Carpenter Road operated by Design Hotels, the spruced up CQ @ Clarke Quay, that underwent a $62 million asset improvement campaign.
