MMI Buildings Put Up For Sale For S$40m
SINGAPORE – MMI Building and MMI Building II have been launched for sale with a total selling price of S$40 million, reported The Edge on Friday morning (1 October, SGT).
The seller is Modern Montessori International (MMI), a group specialising in early childhood education. The company had acquired the first MMI Building along 72 South Bridge Road in August 2006. It was previously a shophouse, but the prior vendor transformed it into a 6-storey commercial building with a roof terrace.
Thereafter, the company purchased the neighbouring shophouse at 70 South Bridge Road in 2010. That property was then redeveloped into a 6-storey building with a roof terrace and a design that matches the other building. The firm then christened it as MMI Building II.
“We liked that the building was at the fringe of the CBD,” said MMI’s Chairman T Chandroo. “Shophouses are incredibly iconic in Singapore architecture and we were attracted to the history of the building.”
MMI Building stands on a 1,044 sq ft site and has a gross floor area (GFA) of around 6,222 sq ft, while MMI Building II sits on 1,281 sq ft plot and has a GFA of about 6,479 sq ft. Given that the commercial properties have an overall GFA of 12,701 sq ft, the selling price works out to around S$3,149 psf.
While the 2 commercial properties are on the fringe of the CBD, they are still considered to be part of the Core Central Region’s District 1.
“Such prime, freehold commercial assets are attractive to family offices,” noted Simon Monteiro, Associate Vice President of List Sotheby’s International Realty, which was appointed as the exclusive marketing agent for the properties.
Monteiro shared that the assets are ideal for coworking space, co-living premises or even as a private members-only club. “The main attraction is the rooftop with its amazing views of the city, the shophouses along the Singapore River and part of Marina Bay Sands,” he added.
The new owner may either amalgamate the two sites and redevelop them, or carry out additions and alterations. The 2 properties are zoned commercial use and have a 4.2 plot ratio. The amalgamated site will have a total footprint of 3,629 sq ft and GFA of up to 15,237 sq ft.
The buildings were previously used as MMI’s corporate headquarters, but Chandroo disclosed that it does not plan to lease back the properties as they have found a new headquarters. As such, MMI Building and MMI Building II are being divested with vacant possession.