2 Adjacent Commercial Bldgs Selling For S$45mil
SINGAPORE – Two neighbouring commercial buildings, 70 and 72 South Bridge Road, are poised to be launched for sale via an expression of interest (EOI) exercise on Tuesday, announced marketing agent Colliers International on Monday afternoon (10 May, SGT).
The pair of 6-storey commercial properties are being offered at a total guide price of S$45 million, which works out to around S$3,550 psf based on their overall existing gross floor area (GFA) of 12,700 sq ft.
They are sited on freehold land parcels with a combined area of 2,325 sq ft. Under the 2019 Master Plan of the Urban Redevelopment Authority (URA), the plots have a gross plot ratio of 4.2.
Strategically situated on the fringe of Singapore’s central business district (CBD), the commercial buildings benefit from prominent dual road frontages on South Bridge Road and Hong Kong Street. In addition, the properties are among the taller buildings in the vicinity, with their higher levels providing panoramic views over Singapore River.
According to Colliers International’s Senior Director of investment services, Steven Tan, the assets are located on a stretch housing lively F&B outlets and lifestyle shops that enjoys relatively heavy foot traffic
“They offer investors seeking an investment property with real value rental opportunities. Such investors can reconfigure the asset through an asset enhancement initiative (AEI) for further maximisation of leasable space.”
“For self-occupiers, the assets have wide frontages allowing for naming and signage rights. To this end, the assets can cater to a myriad of a different profile of investors,” he noted.
In addition, the commercial buildings, which are offered at a “bite-size quantum”, are just a stroll to both the Clarke Quay MRT Station and the Raffles Place MRT Interchange.
“As the current commercial market remains fluid and positive, the seller is looking to recycle capital and refocus on other business goals and directions,” said Tan, adding that the seller is open to sale-leaseback deals subject to further negotiations.
Given that the properties are zoned for commercial use, both locals and foreigners are allowed to acquire them. The transaction is also exempt from the Seller’s Stamp Duty (SSD) and Additional Buyer’s Stamp Duty (ABSD).
The EOI exercise for the adjoining commercial buildings shall close at 3pm on 16 June 2021.