Located at 70 and 72 South Bridge Road, the freehold buildings have a total gross floor area of around 12,700 sq ft. Photo: Colliers
A pair of adjoining six-storey commercial buildings have been put up for sale via expression of interest (EOI) with an indicative price of $45 million.
Colliers International noted that the price works out to around $3,550 per sq ft based on the existing gross floor area across the two buildings.
Located at 70 and 72 South Bridge Road, the freehold buildings have a total gross floor area of around 12,700 sq ft. They occupy a 2,325 sq ft site that is zoned for “Commercial” use under the 2019 Master Plan with a gross plot ratio of 4.2.
This means foreigners can acquire the buildings with no Additional Buyer’s Stamp Duty (ABSD) or Seller’s Stamp Duty (SSD) payable.
Strategically situated on the fringe of the Central Business District, the buildings are less than a 10-minute walk to Clarke Quay MRT Station and Raffles Place MRT Interchange. The buildings sit on a corner lot and offer dual road frontages onto South Bridge Road and Hong Kong Street.
Both properties are also one of the taller buildings within the area, with the higher floors offering views of the Singapore River.
“The asset is located along a stretch of lively F&B and active lifestyle concepts with relatively heavy foot traffic. It also offers investors seeking an investment property with real value rental opportunities,” said Steven Tan, Executive Director for Investment Services at Colliers International.
He noted that investors can reconfigure the property via an asset enhancement initiative to further maximise the leasable space, while self-occupiers can acquire naming and signage rights given the property’s wide frontages.
“This investment is of bite-size quantum in today’s buoyant commercial market. As the current commercial market remains fluid and positive, the seller is looking to recycle capital as they refocus on enhancing their other business goals and directions. They are open to sale and leaseback subject to further negotiations,” added Tan.
The EOI exercise for 70 and 72 South Bridge Road closes on 16 June.
Victor Kang, Digital Content Specialist at PropertyGuru, edited this story. To contact him about this story, email: firstname.lastname@example.org