Commercial building on New Bridge Road up for sale at $80 mil
A conservation business structure at 59 New Bridge Roadway has been put up for sale via an expression of interest (EOI) with an overview rate of $80 million or $4,417 psf, according to exclusive advertising and marketing broker CBRE.
CBRE includes that several new and approaching properties around are expected to even more rejuvenate the area, such as the 48-key shop deluxe resort at 21 Carpenter Street operated by Design Hotels, the spruced up CQ @ Clarke Quay, that went through a $62 million asset enhancement effort.
As the building is a commercial real estate, immigrants and companies are eligible to acquire with an exemption from the Additional Buyer’s Stamp Duty (ABSD) or Seller’s Stamp Duty (SSD) relevant on the transaction.
Upon finish of its improvement works, the building today has a total gross floor surface area (GFA) of roughly 18,110 sq ft. Functions include ordinary flooring plates, lift access on all floors, and a communal open roof terrace.
Clemence Lee, executive supervisor of capital markets at CBRE Singapore, says: “With the growth works newly completed, the subject real estate will certainly likewise considerably attract owner-occupiers actively seeking to establish strong branding presence in a prime area for their service.”
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 transacted at $23.8 million, or $4,200 psf, on the built-up area to a high net-worth individual.
Furthermore, 2 upcoming large-scale incorporated growths are anticipated to follow. This consists of CanningHill Piers, which makes up 696 household units; a retail platform and serviced residences; and Union Square, which is readied to include Grade A workplaces; 366 residential units; and co-living residences.
The property just recently undertook extensive addition and alteration (A&A) functions, according to CBRE. This included a complete revamp of the structure’s inside and the addition of a six-storey rear broadening.
The real estate is located within close vicinity to the core CBD location and sits in between two lifestyle centers: Boat Quay and Clarke Quay. The building is also inside a two-minute walk from Clarke Quay MRT Station and offers availability to close-by food and beverage (F&B) and lifestyle services.
The EOI exercise is anticipated to close on March 20 at 3pm.
The five-storey building sits inside the Upper Circular Roadway Sanctuary and has twin road front throughout the junction of New Bridge Road and Hongkong Street. The property has a complete land area of around 4,318 sq ft and is zoned for commercial use with a plot proportion of 4.2 under the URA Master Plan 2019.
