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A five-storey commercial building in South Bridge Road will be put up for sale via auction on 23 November at a guide price of $7 million, according to marketing agent Colliers International.
The guide price works out to $5,573 psf based on its land size of 1,256 sq ft, or $1,332 based on its existing floor area of about 5,252 sq ft.
Respectively situated 240m and 500m from the Clarke Quay and Raffles Place MRT Stations, the property is located between the junctions of Carpenter Street and Upper Circular Road.
Aside from having excellent visibility in the heart of the city, the building has convenient access to a carpark at its rear and comes with a private lift and two external staircases.
“It is an excellent investment opportunity as such rare properties are usually tightly held,” said Colliers International Managing Director Tang Wei Leng.
“The guide price is extremely competitive for a commercial building located within prime CBD area, right next to the Raffles Place. In addition, commercial buildings with prominent road frontage, ample parking space, and MRT stations located nearby are high in demand.”
Moreover, the property is surrounded by many F&B outlets, hotels and different kinds of businesses. The new owner can also take advantage of the steady stream of pedestrian traffic thanks to the property’s proximity to the Raffles Place commercial hub as well as the Clarke Quay and Boat Quay entertainment district.
Under the 2014 Master Plan, the site with a plot ratio of 4.2 is intended for full commercial use, and this type of zoning is favoured by investors as they don’t need to pay seller’s stamp duty (SSD) or additional buyer’s stamp duty (ABSD).
Furthermore, the land parcel’s 99-year leasehold tenure started in 1951.
“The buyer can apply for a lease top-up to a fresh 99-year tenure with the Singapore Land Authority (SLA) which we believe will offer a significant enhancement to the property’s value,” Tang added.
(Photo: Colliers International)
This article was edited by Keshia Faculin.
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