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The price works out to $3,622 per sq ft (psf) based on the freehold properties’ existing gross floor area of about 1,180 sq m (12,701 sq ft).
A pair of six-storey commercial building within the Central Core Region has been put up for sale via expression of interest, with a guide price of $46 million, revealed Singapore Realtors Inc (SRI).
This works out to $3,622 per sq ft (psf) based on the freehold properties’ existing gross floor area of about 1,180 sq m (12,701 sq ft).
Located within the Singapore River Planning Area, 70 and 72 South Bridge Road sit right next to one another and occupy a combined site area of around 216 sq m (2,325 sq ft). They enjoy prominent frontages along Hong Kong Street and South Bridge Road.
The buildings’ top floors boast views of the Esplanade and Marina Bay Sands Integrated Resort.
Situated near the Clarke Quay MRT station along the North-East Line, the properties are within 500m to the Raffles Place MRT station on the East-West Line as well as Chinatown station on the Downtown Line.
“The limited stock of such assets, combined with the freehold tenure whilst sitting in a coveted location just off the fringe of the Central Business District, means the intrinsic value is high,” said Harvey Chia, Head Investment Advisory, Capital Markets, SRI.
He noted that the properties offer buyers of different profiles, including buyers looking to establish corporate headquarters with signage and naming rights, a good opportunity to purchase such assets.
“In addition, there is the potential of value creation by reconfiguring their layout to increase the current efficiency of the pair of adjoining properties. We expect interest from prospects such as high net worth individuals, family offices and real estate funds.”
He revealed that the divestment is part of the sellers’ intent to recycle capital for reallocation. As such, they are open to a sale-and-lease back arrangement, subject to negotiations.
Since the two sites are zoned Commercial under the 2019 Master Plan, foreigners and companies can acquire the properties with no Additional Buyer’s Stamp Duty payable.
The EOI exercise for the buildings closes on 16 April.
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Victor Kang, Digital Content Specialist at PropertyGuru, edited this story. To contact him about this or other stories, email victorkang@propertyguru.com.sg