Prime commercial building in city centre for sale
SINGAPORE, 24 September 2019 – EDMUND TIE, the sole marketing agent for the sale of 333 North Bridge Road, is pleased to offer the prime commercial building for sale by tender.
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 in one of the most exciting and vibrant work-live-play precincts in the city centre.
The 9-storey commercial building enjoys a 999-year leasehold tenure and occupies a site area of 435.2 sq m (approximately 4,684 sq ft) with a total gross floor area of 2,698.7 sq m (approximately 29,049 sq ft). There is a further gross floor area of approximately 299.0 sq m (approximately 3,218 sq ft) that may be built, with no development charge payable. According to 2014 Master Plan, it is zoned for ‘Commercial’ with a plot ratio of 5.2 and building height of up to 16-storeys.
Situated in a prime location and 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. Major expressways located within proximity includes Nicoll Highway, East Coast Parkway, Pan Island Expressway and Kallang-Paya Lebar Expressway.
Key landmark developments in the neighbourhood includes Raffles City, CHIJMES, The South Beach, DUO, Funan, The Capitol, Suntec City and Marina Square. Already a bustling and vibrant precinct, the area is set to become even more exciting with the upcoming development 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.
Executive director of investment advisory, Swee Shou Fern, commented, “This is a rare offering of a centrally located commercial building with naming rights and prominent frontage. We expect keen interest from companies seeking to own a corporate office with a strong presence in the city centre as well as investors looking to invest in a prime commercial asset with outstanding location attributes. The astute developer may also consider redeveloping the property to maximise the gross floor area and explore a strata sale of the new development. Given its central location, the Property is also ideal as a private members’ club or an embassy, subject to authorities’ approval.”
As the property is zoned commercial, 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.
The indicative guide price for the property is in the range of $80m.
The tender exercise for 333 North Bridge Road will close on Tuesday, 5 November 2019 at 3pm.
For further information, please contact:
Executive, Corporate Communications
+65 6393 2510
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.