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7-storey freehold commercial building in South Bridge Road up for collective sale with S$23.5m reserve price
A SEVEN-STOREY freehold commercial building, Merchants Building, at 76 South Bridge Road, has been put up for collective sale by tender with a reserve price of S$23.5 million.
Merchants Building has a land area of 104.5 square metres. Under the Urban Redevelopment Authority's Master Plan 2014, it is zoned “commercial” with a gross plot ratio of 4.2. The property is located on an envelope control site, within the secondary settlement of “Upper Circular Conservation Area” in the Central Business District. The gross floor area is estimated to be about 6,927 square feet. (see amendment note)
The strata-titled units within the building are being held by six separate ownerships and the owners have decided to jointly put the property up for sale by tender. The reserve price would translate to about S$3,392 per square foot on the gross floor area. (see amendment note)
Shaun Poh, executive director of capital markets at Cushman & Wakefield, the marketing agent of the property, said: “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."
He added that the property would also be suitable for end-users such as design houses, professional service providers, co-working operators and family offices which are seeking to acquire an entire building to house their operations and enjoy naming rights on the building.
The tender for this property will close at 3pm on Dec 5, 2018.
Amendment note: Cushman & Wakefield earlier provided incorrect figures for the gross floor area and psf price of the development. The article has been amended to reflect the correct figures.