Two freehold commercial buildings on South Bridge Road going for $45 mil

By
/ EdgeProp Singapore
|
May 10, 2021 7:30 PM SGT
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SINGAPORE (EDGEPROP) - A pair of adjoining commercial buildings at 70 and 72 South Bridge Road are on the market for $45 million. Colliers International is marketing the freehold properties which will be offered in an Expression of Interest (EOI) exercise.
The six-storey commercial buildings are located at a combined site area of 2,325 sq ft, with a total gross floor area (GFA) of about 12,700 sq ft. The indicative price translates to approximately $3,550 psf on the existing GFA across both buildings.
Both sites are zoned “commercial” under the 2019 Master Plan with a plot ratio of 4.2. This means that foreigners are eligible to purchase the properties. There are also no additional buyer's stamp duty (ABSD) or seller's stamp duty (SSD) imposed on the transaction.
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MMI Building II, at 70 & 72 South Bridge Road, is a six-storey commercial building. (Picture: Colliers International)
The property is on a corner plot with dual street frontage along Hong Kong Street and South Bridge Road. They are near Clarke Quay and Raffles Place MRT Stations.
“The asset is located along a stretch of lively F&B and active lifestyle concepts with relatively heavy foot traffic. It also offers investors seeking an investment property with real value rental opportunities,” says Steven Tan, executive director, investment services, at Colliers International. He adds that investors may also choose to reconfigure the property through asset enhancement initiatives to further maximise the leasable space.
“For self-occupiers, the asset has wide frontages allowing for naming and signage rights. To this end, this asset can cater to a myriad of a different profile of investors,” says Tan. The seller is also open to a sale and leaseback arrangement subject to further negotiations, he says.
The EOI exercise will close on June 16.
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