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DTZ has announced that the freehold North Bridge Commercial Complex, located along North Bridge Road, is up for sale, with an expected price tag of S$110 million to S$115 million.
Zoned for commercial use, the site has a total area of 1,079.1 sq m and a maximum gross floor area (GFA) of 4,532.2 sq m, with a gross plot ratio of 4.2.
Based on sale price expectations, this translates into a psf ppr cost of S$2,225 to S$2,357.
The plot has a buildable height of up to six storeys, said DTZ. It currently houses a six-storey commercial block with an existing GFA of 6,188.67 sq m.
Shaun Poh, Senior Director for Investment Advisory Services and Auction at DTZ, said, “There has been no similar property offering in the vicinity recently and we expect the property to attract keen interest from investors and developers.”
With the plot’s central location, along with its prominent frontage and proximity to the Bugis and City Hall MRT stations, the property has the potential to be restored into a boutique office, said Mr. Poh, adding that it can also be converted into a retail development.
“Shop units at The Bencoolen have recently changed hands at S$3,500 to S$5,300 psf and at Sim Lim Square up to S$9,000 psf,” he said. Other possible development options for the site include a hotel, which is subject to planning approval, he added.
The tender for the site will close on March 3.