999-year office building on 51 Club Street for sale at $120 mil

SINGAPORE (EDGEPROP) - A corner stand alone office building located at 51 Club Street is up for sale at a guide price of $120 million via expression of interest (EOI), according to a press release from CBRE on Oct 17.

CBRE is the appointed marketing agent for the property.

The 999- leasehold five-storey commercial building has a built up area of 28,876 sq ft, translating to a psf price of $4,155 based on built up area. (Find Singapore commercial properties with our commercial directory)

“It is located in a prestigious address within the CBD and expected to appeal to a wide range of buyers such as family offices, boutique real estate funds, corporates, and high-net-worth individuals,” says Michael Tay, the head of capital markets at CBRE.

The property has a 60m wide dual road frontage along Club Street and a roof terrace overlooking the CBD and Chinatown skyline. It underwent extensive refurbishment in 2011 and has a private parking facility with 5 lots.

Read also: Five adjoining shophouses at Club Street sold for $25.9 mil to ABR Holdings

Foreigners and corporates are eligible to purchase the commercial property with no Additional Buyer’s Stamp Duty (ABSD) or Seller’s Stamp Duty (SSD).

Investors could enhance value by converting the rooftop terrace into a rooftop bar or restaurant, and retrofitting the second to fifth floor to house a boutique hotel or co-living facility, according to Clemence Lee, the executive director of capital markets at CBRE.

Club Street derives its name from elite social clubs along the street in the late 19th to early 20th century where businessmen and affluent merchants gathered. The heritage-rich area has since attracted family offices, wealth management firms, and associations in the daytime. At night the streets transform into an upscale F&B and lifestyle destination. A new 19-storey 4-star hotel is expected to be completed by Q1 2023, adding 900 new rooms to the area.

The property is within walking distance to Telok Ayer MRT Station (on the Downtown Line) and Tanjong Pagar MRT Station (on the East-West Line).

The EOI exercise will close Nov 22, at 3pm.