By Valerie Kor / EdgeProp Singapore | February 28, 2020 4:02 PM SGT
The pair of six-storey buildings on sale offer views of Marina Bay Sands Integrated Resort and Esplanade from the top floor. (Photo: SRI)
SINGAPORE (EDGEPROP) – Two adjoining freehold six-storey buildings are up for sale at a guide price of $46 million, translating to around $3,622 psf on existing gross floor area. Their addresses are 70 & 72 South Bridge Road. The buildings sit on a combined area of about 2,325 sq ft and have a total gross floor area of about 12,701 sq ft. Both buildings have prominent frontages along South Bridge Road and Hong Kong Street and are classified under “commercial” under the URA 2019 Master Plan. Foreigners and companies are able to purchase the properties and additional buyer’s stamp duty (ABSD) will not apply.
This divestment is part of the seller’s intent to recycle capital for reallocation and the sellers are open to a sale-and-leaseback arrangement, subject to negotiations. The two buildings enjoy great connectivity within Singapore’s core central region. The nearest MRT station Clarke Quay is only 250 metres away. Raffles Place MRT is 500 metres away, connecting to East-West Line, and Chinatown MRT station is 500 metres away, offering access to the North-East Line and Downtown Line. The buildings are within the Singapore River Planning Area and offer views of Marina Bay Sands Integrated Resort and Esplanade from the top floor. Harvey Chia, head investment advisory of capital markets at Singapore Realtors Inc, says: “The limited stock of such assets, combined with the freehold tenure whilst sitting in a coveted location just off the fringe of the CBD, means the intrinsic value is high. They offer buyers of different profiles, including buyers seeking to establish their corporate headquarters with naming and signage rights, a good opportunity to acquire such assets.”
Buyers have the option to configure the layout to increase the current efficiency of the adjoining properties. The Expression of Interest (EOI) exercise for these two properties will end on April 16 at 12pm.
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