SINGAPORE, 8 November 2018 – Cushman & Wakefield has been appointed as the marketing agent for the sale of a seven-storey freehold commercial building, known as Merchants Building, at No. 76 South Bridge Road.
Merchants Building has a land area of 104.5 sq m (1,125 sq ft approximately). Under the 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 (CBD). The gross floor area is estimated to be about 6,927 sq ft approximately.
The strata-titled units within the building are currently being held by 6 separate ownerships and the owners have decided to jointly put up for sale by tender with a minimum reserve price of $23.5 million. Based on this reserve price, it would translate to about $3,392 psf on the gross floor area.
According to Mr Shaun Poh, Executive Director of Capital Markets at Cushman & Wakefield, “This sale represents an exquisite opportunity to acquire a freehold commercial building within the bustling city centre, which is a short 5-minute walk to the Clarke Quay MRT station (North-East Line). The vibrant precinct is a popular district for businesses, tourists and locals alike for its wide array of amenities.”
“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. The Property would also be an excellent option for end-users such as design houses, professional service providers, co-working operators, family offices, amongst others, who are seeking to acquire an entire building to house their operations and enjoy naming rights on the building. The new owner will have the option to redevelop or enhance the asset through Addition and Alterations (A&A) works, subject to approval from relevant authorities.”
The tender for this property will close at 3.00 pm on 5 December 2018.
For further information, please contact:
Executive Director, Capital Markets
+65 6232 0882 / +65 9662 6430
Associate Director, Communications
+65 6317 8349/ 96916449
About Cushman & Wakefield
Cushman & Wakefield is a leading global real estate services firm with 45,000 employees in more than 70 countries helping occupiers and investors optimize the value of their real estate. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $6 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.