Hongkong Street Commercial Bldg Selling For S$24mil
SINGAPORE – A new 5-storey commercial property at 36 Hongkong Street has been launched for sale via an expression of interest (EOI) exercise with a guide price of S$24 million, according to a press release published by marketing agent CBRE on Thursday evening (23 March, SGT).
The commercial building stands on a 99-year leasehold site measuring 1,733 sq ft that has a remaining tenure of around 95 years. It has an overall built-up area of about 7,279 sq ft.
36 Hongkong Street had undergone an extensive redevelopment that was completed two years ago. This involved maximising its built-up area and fully sprucing up its interiors. It now comes with lift access at every level, efficient and column-free floor plates with elegant finishes, as well as new mechanical and electrical systems, including air-conditioning.
“Mid-sized boutique commercial buildings in the central business district (CBD) of similar profile to 36 Hongkong Street, are little and highly sought-after by buyers of various profiles including investors who are looking for a prime asset in the area with strong rental command and a palatable quantum, or owner-occupiers who are seeking a flagship asset with naming rights for their exclusive operations,” commented Clemence Lee, Executive Director for Capital Markets in Singapore at CBRE.
With its outstanding qualities like its prime location in District I, brand new condition, well-designed regular floor plates and a versatile configuration, he believes the commercial building represents a superb opportunity for buyers. The commercial property also stands out thanks to its remaining land tenure of about 95 years, which is superior to most similar 99-year assets available on the market.
“With the versatile configuration of the building, the incoming owner has flexibility to explore several value-add angles including conversion to alternative uses such as co-living, serviced apartments, medical & wellness centres and commercial schools amongst others, subject to approval from relevant authorities,” Lee added.
Situated within the Upper Circular Road Conservation Area, the commercially-zoned property is situated between two entertainment destinations in Singapore, Boat Quay and Clarke Quay. It is also just a short walk from Raffles Place. As a matter of fact, the asset is within walking distance from two MRT stations, namely Clarke Quay and Raffles Place.
The EOI exercise for the 5-storey commercial building will close at 3pm on 27 April 2023.