Former People’s Insurance Bldg Sold for S$13.58m

SINGAPORE – A commercial property formerly known as the People’s Insurance Building has changed hands via an off-market transaction for S$13.58 million. It was divested with vacant possession, reported The Edge on Monday afternoon (6 February, SGT).

Located along 38 and 40 South Bridge Road, the 5-level commercial building has gross floor area (GFA) of about 11,219 sq ft, meaning the selling price works out to S$1,210 psf. The asset also features an elevator inside.

“The building enjoys panoramic city skyline views from the upper floors,” commented Savills Singapore’s Deputy Managing Director for investment sales & capital markets Galven Tan, who negotiated the commercial property transaction.

Interestingly, the commercial building stands on two land plots each with a leasehold tenure of 99 years. The largest site, which measures 1,324 sq ft has a remaining term of 24 years as it took effect in 1941. The smaller land plot spanning 1,300 sq ft has a balance term of 17 years as the leasehold tenure commenced in 1941.

Based on the Urban Redevelopment Authority’s (URA) Real Estate Information System (REALIS), the commercial property was last sold on 1 January 2000 for S$4.766 million.

According to the 2019 Master Plan, the two commercially-zoned sites are part of the Singapore River planning area. They have a gross plot ratio of 4.2.