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North Bridge Rd's KH KEA Building for sale with S$80m guide price
A COMMERCIAL building at 333 North Bridge Road is up for sale with an indicative price of S$80 million. It is located on a corner plot with dual frontage along North Bridge Road and Cashin Street.
The nine-storey KH KEA Building next to Bras Basah Complex has a 999-year leasehold tenure. Its lease, which started in April 1827, has been in effect for 192 years.
The building occupies a site area of 435.2 square metres (sq m) or about 4,684 square feet (sq ft) with a total gross floor area (GFA) of 2,698.7 sq m. A further GFA of 299 sq m may be built without any development charge.
Zoned for commercial use under the Urban Redevelopment Authority's Master Plan 2014, it has a plot ratio of 5.2 and building height of up to 16 storeys.
It is not subject to additional buyer's stamp duty or seller's stamp duty and is eligible for purchase by both local and foreign buyers.
There are four MRT stations located within a 500-metre radius of the building, with the Raffles Place financial district and the Orchard Road shopping belt being one stop away.
Major expressways nearby include Nicoll Highway, East Coast Parkway, Pan Island Expressway and Kallang-Paya Lebar Expressway.
Nearby landmarks include Raffles City, Chijmes, The South Beach, DUO, Funan, The Capitol, Suntec City and Marina Square.
The area also has the upcoming developments of Guoco Midtown, the new Shaw Tower and two condominium developments located at Middle Road and Tan Quee Lan Street by Wing Tai and GuocoLand respectively.
The tender exercise will close on Nov 5, 2019 at 3pm.
Swee Shou Fern, executive director of investment advisory at Edmund Tie & Company - the building's marketing agent, said that it "expects keen interest from companies seeking to own a corporate office with a strong presence in the city centre" and "investors looking to invest in a prime commercial asset with outstanding location attributes".
"Given its central location, the property is also ideal as a private members’ club or an embassy, subject to authorities’ approval," she added.
In January, the Sultan Plaza commercial building that sits between Beach Road and North Bridge Road launched a public tender for a collective sale with a reserve price of S$380 million.
The 99-year leasehold development sits on 52,471 sq ft of land. That works out to a land rate of about S$1,860 per sq ft per plot ratio inclusive of development charge and differential premium payable.