Two South Bridge Road commercial buildings for sale with S$45m indicative price

MARKETING agent Colliers International is putting up a pair of adjoining freehold six-storey commercial buildings for sale via an expression of interest (EOI) on May 11.

Located at 70 and 72 South Bridge Road, the buildings have been given an indicative price of S$45 million. This translates to about S$3,550 per square foot on the existing gross floor area across both buildings, noted Colliers in a press statement on Monday.

The combined site area is 2,325 square feet (sq ft) with a total gross floor area (GFA) of about 12,700 sq ft.

Under the Urban Redevelopment Authority's Master Plan 2019, the site has a gross plot ratio 4.2 and is zoned "commercial" - meaning that foreigners are eligible to purchase the asset. There is also no additional buyer's stamp duty nor seller's stamp duty imposed on the property transaction.

According to Colliers, the buildings are strategically located on the fringe of the central business district and are among the taller ones in the area, with higher floors offering views of the Singapore River. Their location at a corner plot also offers prominent dual road frontages on Hong Kong Street and South Bridge Road.

Clarke Quay MRT Station and the Raffles Place MRT Interchange station are also less than a 10-minute walk away, added the agent.

"This investment is of bite-size quantum in today's buoyant commercial market," said Steven Tan, executive director of investment services at Colliers.

Noting that the pair of buildings are located along a "stretch of lively F&B (food and beverage) and active lifestyle concepts with relatively heavy foot traffic", Mr Tan believes the asset offers investors "real value rental opportunities".

As an example, he highlighted the asset's potential reconfiguration through an asset enhancement initiative for further maximisation of leasable space. Self-occupiers could also acquire naming and signage rights due to the asset's wide frontages which allow for it, he added.

"As the current commercial market remains fluid and positive, the seller is looking to recycle capital as they refocus on enhancing their business goals and directions. They are open to sale and leaseback subject to further negotiations," said Mr Tan.

The EOI for the adjoining commercial properties will close on June 16 at 3pm.