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JLL has launched an expression of interest (EOI) exercise for The Prospex (pictured), a nine-storey newly refurbished commercial building located at the intersection of Middle Road and Victoria Street.
Offered at an indicative guide price of over $70 million, or about $1,674 psf based on its gross floor area (GFA) of around 41,806 sq ft, it consists of a retail podium spanning two levels and seven office floors on a land area measuring 5,263 sq ft.
“En bloc commercial buildings of this size are seldom available for sale,” said Anthony Barr, JLL’s Regional Director for Capital Markets.
Located about 400 metres from the Bugis MRT station, the property is almost fully leased. Tenants include Tokyo-listed Endo Lighting Corp, Utah-based international nutrition firm Zrii, Shanghai-based Mellower Coffee’s global flagship store, and Create Restaurants Holdings Inc, a company headquartered in Japan that operates eateries.
Foreigners are eligible to purchase, as the property sits on land zoned for commercial use. It is also not subject to the Additional Buyer’s Stamp Duty (ABSD) or Seller’s Stamp Duty (SSD).
The EOI exercise will close on 21 March.
Meanwhile, Elite Building at 20 Aljunied Road, near the Aljunied MRT station, is up for sale via public tender by its sole marketing agent Edmund Tie & Co.
The freehold property commands a 60-metre frontage along the main road and has a land area of around 14,274 sq ft. At present, the site is occupied by a six-storey building approved as a commercial school with shops on the ground floor and a basement carpark. These have a combined gross floor area of 41,866 sq ft, or an equivalent plot ratio of 2.93.
Based on the 2014 URA Master Plan, the land is zoned residential / institutional at a plot ratio of 2.8 and building height of up to eight storeys. It is understood that no development charge is payable if it undergoes redevelopment.
“Taking into consideration its existing approved use, zoning and excellent location, the property offers a diverse range of opportunities for potential buyers,” said Tan Chun Ming, Director for Investment Advisory at Edmund Tie & Co.
Subject to the authorities’ approval, it may be used for retail / F&B, offices, commercial schools, child care centres, association premises and residential apartments, among others.
The public tender will also close on 21 March.
Image source: JLL
Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email romesh@propertyguru.com.sg
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