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Located within the Bras Basah Bugis neighbourhood, the development is opposite Bugis Junction and adjacent to Liang Seah Street, which is popular for its steamboat restaurants, dessert cafes and bars.
Bugis Cube, a six-storey commercial building with a basement floor car park at 470 North Bridge Road, has been put up for collective sale with a reserve price of $230 million.
This comes after not less than 80 percent of owners by share value and strata area have agreed to the sale, revealed marketing agent Cushman and Wakefield.
Located within the Bras Basah Bugis neighbourhood, the development is opposite Bugis Junction and adjacent to Liang Seah Street, which is popular for its steamboat restaurants, dessert cafes and bars.
It is nestled on an 11,615 sq ft site that is zoned commercial under the 2014 Master Plan with a plot ratio of 4.2 and a maximum height limit of six storeys.
Bugis Cube is 250 metres to City Hall MRT and Bugis MRT station and enjoys easy access from other parts of Singapore via the Marina Coastal Expressway (MCE) and East Coast Parkway (ECP).
The marketing agent noted that the $230 million reserve price works out to a land rate of about $3,452 per sq ft per plot ratio based on the verified gross floor area of 66,614 sq ft and a plot ratio of 5.735.
“Such a 999-year leasehold tenure site in prime location is rarely available for sale. As the sale is with vacant possession, the prospective buyer could take the opportunity to add value to the building through asset enhancement initiatives by introducing co-working space concepts, specialty services and clinics, or convert into a boutique office building with its own naming rights,” said Annalyn Ooi, associate director of capital markets at Cushman and Wakefield.
The tender for Bugis Cube closes on 14 November.
Victor Kang, Digital Content Specialist at PropertyGuru, edited this story. To contact him about this or other stories, email victorkang@propertyguru.com.sg
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