Colliers Singapore announced that they will put two adjoining properties 70 & 72 South Bridge Road for sale via an Expression of Interest (EOI) on Tuesday, 11 May 2021. 

At an indicative price of S$45 million, a pair of adjoining freehold six-storey commercial buildings is up for sale. This translates to approximately S$3,550 psf on existing gross floor area across both buildings.

The combined site area is 2,325 sq ft with a total gross floor area of approximately 12,700 sq ft. Under the Urban Redevelopment Authority's Master Plan 2019, the site is zoned Commercial with a Gross Plot Ratio 4.2.

As the property sits on a site zoned for "Commercial" use, foreigners are eligible to purchase the subject property. There is also no Additional Buyer's Stamp Duty (ABSD) or Seller's Stamp Duty (SSD) imposed on the property transaction.

These rare freehold adjoining buildings sit on a corner plot with prominent dual road frontages on Hong Kong Street and South Bridge Road and are strategically located on the fringe of CBD. The buildings are one of the taller ones in the area, and the higher floors will offer views of the Singapore River.

Steven Tan, Executive Director, Investment Services, commented, "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. Such investors can reconfigure the asset through an asset enhancement initiative for further maximisation of 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."

The two buildings are well-connected through Clarke Quay MRT Station (North-East Line) and Raffles Place MRT Interchange (East-West and North-South Lines), with both stations being less than a 10- minute walk.

Mr Tan added that "This investment is of bite-size quantum in today's buoyant commercial market. As the current commercial market remains fluid and positive, the Seller is looking to recycle capital as they refocus on enhancing their other business goals and directions. They are open to sale and leaseback subject to further negotiations."

The EOI for 70 & 72 South Bridge Road will close on Wednesday, 16 June 2021, at 3 pm.

To request a copy of the Information Memorandum please contact one of the marketing agents via the contact form below.