SINGAPORE (EDGEPROP) - The owners of Bugis Cube, the six-storey commercial development at 470 North Bridge Road, have relaunched a collective sale of the strata-titled mall. An earlier attempt made in May this year did not attract any bids. The reserve price remains unchanged at $230 million, or about $3,452 psf per plot ratio on the gross floor area (GFA), according to marketing agent Cushman & Wakefield (C&W).
Bugis Cube sits on an 11,615 sq ft plot and the entire development has a verified GFA of 66,614 sq ft, which is equivalent to a plot ratio of 5.735. The site is zoned “Commercial” with a gross plot ratio of 4.2 under the 2014 Master Plan. The mall comprises 119 strata-titled retail shops, including F&B outlets, beauty parlours, and karaoke lounges.
Located in the Bras Basah locale, Bugis Cube is opposite Bugis Junction and the Intercontinental Singapore. Major upcoming projects in the area include Guoco Midtown, the redevelopment of Shaw Towers, and the future residential developments at Tan Quee Lan Street and Middle Road. Bugis Cube is also close to City Hall and Bugis MRT Stations and accessible via the East Coast Parkway and Marina Coastal Expressway.
“A 999-year leasehold tenure site in [this] prime location is rarely available for sale. As the sale is with vacant possession, the prospective buyer could take the opportunity to add value to the building through asset enhancement initiatives by introducing co-working space concepts, specialty services and clinics, or convert [the property] into a boutique office building with its own naming rights,” says Annalyn Ooi, associate director of capital markets at C&W.
In addition, the sale of nearby Bugis Junction Towers by Keppel Reit for $547.5 million, as well as the $1.575 billion divestment by M+S of the office and retail areas of Duo, have “added to the growing interest in the locality”, says Shaun Poh, executive director of capital markets at C&W.
The collective sale tender will close on Nov 14.
For price trends, recent transactions, other project info, check out the Bugis Cube project research page
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