Commercial building on New Bridge Road up for sale at $80 mil
As the structure is a commercial real estate, immigrants and firms are qualified to purchase with an exception from the Additional Buyer’s Stamp Duty (ABSD) or Seller’s Stamp Duty (SSD) applicable on the purchase.
A conservation commercial building at 59 New Bridge Road has already been offered through an expression of interest (EOI) with an overview price of $80 million or $4,417 psf, according to premium advertising and marketing agent CBRE.
The five-storey structure rests within the Upper Circular Road Conservation area and has double road front along the junction 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.
Clemence Lee, executive supervisor of capital markets at CBRE Singapore, states: “With the expansion works recently completed, the subject real estate will also greatly appeal to owner-occupiers actively seeking to develop solid marketing visibility in a prime location for their organization.”
The real estate is located inside close vicinity to the core CBD area and sits in between 2 lifestyle hubs: Boat Quay and Clarke Quay. The structure is also within a two-minute stroll from Clarke Quay MRT Terminal and provides accessibility to neighboring food and beverage (F&B) and everyday living amenities.
CBRE adds that numerous brand-new and upcoming developments in the vicinity are expected to further rejuvenate the location, such as the 48-key shop high-end hotel at 21 Carpenter Street operated by Design Hotels, the revamped CQ @ Clarke Quay, which underwent a $62 million asset improvement initiative.
Furthermore, 2 upcoming massive combined developments are anticipated to comply with. This consists of CanningHill Piers, which consists of 696 residential units; a retail platform and serviced houses; and Union Square, that is readied to include Grade An offices; 366 residential units; and co-living homes.
The property recently undertook comprehensive addition and alteration (A&A) functions, according to CBRE. This consisted of a total revamp of the structure’s interior and the enhancement of a six-storey rear extension.
Upon completion of its expansion works, the building currently has an overall gross floor surface area (GFA) of approximately 18,110 sq ft. Functions include typical flooring plates, lift access on all floors, and a common open roof balcony.
Prior to this property being put up for sale, the last time a corner shophouse in the area was traded remained 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 person.
The EOI exercise is assumed to close on March 20 at 3pm.
