Bugis Point Commercial Bldg Up For Grabs
SINGAPORE – Marketing agent PropNex Realty announced that Bugis Point, a 6-storey commercial building along 530 North Bridge Road, has been launched for sale via an expression of interest (EOI) exercise with a guide price of S$92 million, reported The Business Times on Monday afternoon (13 February, SGT).
Based on the 999-year leasehold commercial property’s overall floor area of around 19,902 sq ft, which includes the roof terrace and basement, the indicative price works out to about S$4,623 psf. Previously, Bugis Point was put up for sale with an asking price of S$59.5 million in 2016.
The asset stands on a site spanning 2,784 sq ft. Given that it’s zoned for commercial use, overseas nationals and entities are permitted to acquire the property, and there’s no seller’s stamp duty (SSD) and additional buyer’s stamp duty (ABSD) payable on the transaction.
PropNex Realty revealed that the new owner of the commercial building will be granted naming and signage rights. Subject to the approval of the relevant government agencies, the premises can also be converted into office space, private clubs, and 24-hour restaurants.
Currently, Bugis Point’s basement and 1st level is occupied by Jin Jin Eating House, while the upper floors were renovated in 2021 and are leased by karaoke operators.
Loyalle Chin, Associate Group Division Director at PropNex Realty, said there’s a growing trend of family offices and private wealth clients targeting buildings that are available for around S$100 million or less.
“We expect overwhelming interest from both investors and owner-occupiers who recognise this once-in-a-lifetime opportunity to acquire a 999-year commercial building in a bustling locale with high human traffic,” he explained.
Moreover, Loyalle Chin shared that the commercial building is just a stone’s throw away from the Bugis MRT Station. It’s also near Suntec City, Guoco Midtown, and South Beach Residences.
The EOI exercise for Bugis Point shall close on 18 April 2023 at 3pm.