CBRE, as the exclusive marketing agent, offer for sale a brand new 5-storey commercial building at 36 Hongkong Street. The sale will be conducted through an Expression of Interest (EOI) exercise, which closes on 27 April 2023, Thursday at 3pm.

Strategically located in Singapore’s prime District 1, 36 Hongkong Street enjoys excellent visibility and boasts a prominent frontage along Hongkong Street. The commercial building sits on a 1,733 square feet 99-year leasehold site with a balance land tenure of approximately 95 years remaining.

The commercial building has a total built-up area of approximately 7,279 square feet. It had undergone an extensive redevelopment that completed in 2021, which involved maximising its built-up area and a complete revamp of its interiors. The brand new commercial building now features regular, efficient and column-free floorplates with quality and tasteful finishes, span-new M&Es and air-conditioning systems as well as lift access provided at every floor.

Under the 2019 Master Plan, the Asset is zoned “Commercial” and is located within the Upper Circular Road Conservation Area.

Flanked between two entertainment destinations of Singapore, Clarke Quay and Boat Quay, and situated only a stone’s throw from Raffles Place, Hongkong Street has remained a trendy location through the years. It is especially famed for the numerous upscale restaurants and bars that pepper the street that include 28 Hongkong Street and Michelin recommended restaurants - Kappo Shunsui, Willow and FOC Restaurant. Occupiers at 36 Hongkong Street would have immediate access to a plethora of F&B and lifestyle options at doorstep.

36 Hongkong Street is conveniently located within a short walk to Clarke Quay (400m) and Raffles Place (750m) MRT station. Located within the Central Business District (CBD), it enjoys easy access to other parts of Singapore via major expressways including the Marina Coastal Expressway (MCE) and Central Expressway (CTE).

The indicative guide price for 36 Hongkong Street is S$24 million. As this is a commercial property, foreigners are eligible to purchase and there will be no Additional Buyer's Stamp Duty (ABSD) or Seller's Stamp Duty (SSD) imposed on the transaction.

Mr Clemence Lee (利伟强), Executive Director of Capital Markets, Singapore at CBRE says, “Mid- sized boutique commercial buildings in the CBD of similar profile to 36 Hongkong Street, are little and highly sought-after by buyers of various profiles including investors who are looking for a prime asset in the area with strong rental command and a palatable quantum, or owner-occupiers who are seeking a flagship asset with naming rights for their exclusive operations.”

36 Hongkong Street represents an excellent opportunity for these buyers with its outstanding attributes including amongst others, its prime location, brand new condition, well-designed floorplates and versatile layout. The Asset also immediately stands out with its balance land tenure of approximately 95 years remaining, that is superior to most similar 99-year assets available on the market.

The commercial building possesses a strong capital and rental upside potential, with substantial rejuvenation in the area underway. Several buildings in the enclave are undergoing or have recently completed asset enhancement works and are expected to inject fresh life to the district upon their completion.

Mr Lee adds, “With the versatile configuration of the building, the incoming owner has flexibility to explore several value-add angles including conversion to alternative uses such as co-living, serviced apartments, medical & wellness centres and commercial schools amongst others, subject to approval from relevant authorities.”

To request a copy of the Information Memorandum please contact the marketing agent Mr Clemence Lee (利伟强), Executive Director of Capital Markets, Singapore at CBRE via the contact details below. 

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Brand New 5-storey Commercial Building Along Hongkong Street For Sale by CBRE