KH Kea Building sold for SGD79.3m
SINGAPORE, 22 November 2019 – EDMUND TIE, the sole marketing agent for the sale of KH Kea Building at 333 North Bridge Road, is pleased to announce the sale of the property to UOL Group Limited at SGD79.3m.
The 9-storey commercial building enjoys a 999-year leasehold tenure and occupies a total site area of 435.2 square metre (approximately 4,684 square feet) with a total gross floor area (GFA) of 2,698.7 square metre (approximately 29,049 square feet). There is a further GFA of approximately 299.0 sq m (approximately 3,218 sq ft) that may be built.
Prominently located on a corner plot with dual frontage along North Bridge Road and Cashin Street, accompanied by views of the iconic Raffles Hotel across, the property occupies a prime spot at one of the most exciting and vibrant work-live-play precincts in the city centre.
Well-served by a wide host of amenities that is readily available in the vicinity, the property enjoys excellent accessibility, being served by four MRT stations located within a 500-metre radius – the Raffles Place financial district and Orchard Road shopping belt are both just an MRT stop away.
Executive director of investment advisory, Swee Shou Fern, commented, “The tender attracted very keen interest from a wide spectrum of end-users, investors and developers, both local and international, highlighting the rare availability and consistently strong demand for well-located prime commercial buildings. This also underscores Singapore’s position as one of the top cities for real estate investment. Total investment sales value in Singapore jumped 33.8 per cent q-o-q in Q3 2019, with heightened sale activity for commercial assets. Investment sales in the office segment increased from approximately $2.827bn to $3.180bn from Q2 2019 to Q3 2019”
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About EDMUND TIE
EDMUND TIE is a full-service, real estate consulting firm with more than 400 skilled professionals in the region. It is headquartered in Singapore and supported by offices in Kuala Lumpur, Malaysia, and Bangkok, Thailand. The firm offers a comprehensive suite of agency and professional services including investment advisory, business space and retail, residential agency, auction and sales, valuation advisory, statutory valuation and property tax advisory, research and consulting, property management, and hospitality management. For more information, please visit www.etcsea.com.