On September 18, marketing agent Cushman & Wakefield (C&W) announced that a 5-storey conserved commercial building at 167 & 169 Selegie Road is being put up for sale by public tender. The asking price is $20 million. It sits on a land area of approximately 2,956 sq ft, and has a total floor area of about 10,292 sq ft.

Located on the city fringe along Selegie Road, it is part of the ‘Mount Sophia Conservation Area’ within the Bras Basah-Bugis district. According to the 2014 Master Plan, the site is zoned ‘Commercial & Residential’ with a plot ratio of 4.2.

The freehold property will be sold with an existing tenancy. The ground floor is occupied by ‘Spa & Wellness Centre’, while floors 2 to 5 are offices. There is temporary approval for a gym/fitness centre on floor 2.

The property is close to the National Museum of Singapore and the Singapore Arts Museum; educational institutes like the Singapore Management University and the School of the Arts; as well as entertainment and retail venues like Bugis Junction, The Cathay, and Wilkie Edge.

Shaun Poh, executive director, capital markets, at C&W says that the property is likely to “appeal to end-users such as design houses, co-working operators, and commercial schools… seeking to own a prominent and historic building for their own operations, or opportunistic funds and investors looking for investment-grade assets with value-enhancement or yield generation potential.”

According to C&W the catchment enjoys spill overs from nearby private and public residential estates as well as spill over pedestrian traffic from neighbouring malls like Wilkie Edge, Pomo, and Peace Centre. The area is also frequented by both tourists and locals visiting the adjacent Little India.

The property is a few minutes’ drive to the Orchard Road shopping belt and the CBD. Little India MRT interchange and Rochor MRT station are both within walking distance.

The tender exercise will close on October 19.