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Merchants Building (pictured), a seven-storey commercial building at No. 76 South Bridge Road, has been put up for collective sale with a reserve price of $23.5 million, revealed marketing agent Cushman & Wakefield.
This works out to $3,392 psf based on the gross floor area of about 6,927 sq ft.
Located on an envelope control site within the secondary settlement of Upper Circular Conservation Area in the central business district, the freehold property sits on a 104.5 sq m site zoned commercial under the 2014 Master Plan with a gross plot ratio of 4.2.
“Given the recent cooling measures in the residential segment, coupled with the optimistic outlook in the office sector, commercial properties, especially those in prime central locations such as Merchants Building, will likely interest opportunistic funds and investors looking for investment-grade assets,” said Shaun Poh, executive director of capital markets at Cushman & Wakefield.
A short five-minute walk to Clarke Quay MRT station, the property provides an excellent option for end-users like professional service providers, design houses, co-working operators and family offices “seeking to acquire an entire building to house their operations and enjoy naming rights on the building”, he said.
“The new owner will have the option to redevelop or enhance the asset through Addition and Alterations (A&A) works, subject to approval from relevant authorities.”
The tender for Merchants Building closes on 5 December.
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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