Merchants Building on South Bridge Road up for collective sale
By Bong Xin Ying
/ EdgeProp Singapore |
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Merchants Building, the seven-storey freehold commercial building at No. 76 South Bridge Road, has been put up for collective sale by tender at a reserve price of $23.5 million. It would translate into about $3,392 psf on the gross floor area of about 6,927 sq ft, says marketing agent Cushman & Wakefield (C&W).
This seven-storey freehold commercial building is up for collective sale by tender (Credit: C&W)
The six owners of the strata-titled units within the building have decided to jointly put the property up for sale. Merchants Building has a land area of about 1,125 sq ft. Under the Master Plan 2014, it is zoned “commercial” with a gross plot ratio of 4.2. It is located within the Upper Circular Conservation Area in the Central Business District.
Shaun Poh, executive director of capital markets at C&W, says that “given the recent cooling measures in the residential segment, coupled with the optimistic outlook in the office sector, commercial properties especially those in prime central locations, such as Merchants Building, will likely interest opportunistic funds and investors looking for investment-grade assets”, as well as end-users.
The new owner will have the option to redevelop or enhance the asset through addition and alterations works, subject to approval from the authorities.
The tender will close on Dec 5.
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