The property enjoys over 31 metres street frontage with an attractive preposition for redevelopment and a fresh lease top up potential.
Cushman & Wakefield (NYSE: CWK), a leading global real estate services firm is delighted to announce the exclusive sale of an iconic 5-storey commercial building (with a mezzanine level) along the fringe of Central Business District via a Public Tender Exercise.
Located on 49 & 53 New Bridge Road, Singapore 059400 & 059402, the subject property spans over a total land area of 508.3 sq m (approx. 5,471.29 sq ft) which is made up of two Freehold plots and two 99-year Leasehold plots; boasting an estimated Gross Floor Area (GFA) of 2,106.8 sq m (approx. 22,677.38 sq ft).
Located just a 3-minute walk from Clarke Quay MRT station and an 8-minute walk from Boat Quay Raffles Place, the property enjoys excellent access to a range of F&B establishments, boutique hotels, fitness studios and services.
The 5-storey building enjoys a street frontage of approximately 31 metres, facing towards Clarke Quay Central (MRT) with an overhead bridge access. Zoned for Commercial Use under MP2019, foreigners and foreign companies are eligible to buy without attracting Additional Buyer’s Stamp Duty (ABSD). There is also a possible Change of Use from existing Office to Restaurant and/or Commercial School across part or all floor(s), subject to URA’s approval. Incoming buyers may also unlock future growth through a lease top-up subject to relevant authorities’ approval.
With the ongoing rejuvenation of its surroundings, the subject property could stand to benefit from new wave of foot traffic and catchment areas in the mid-to-long term. Several noteworthy projects include: Canninghill Piers, an integrated development featuring 696- residential units, a 475-room hotel block and a 192-unit serviced residence, which is under late-stage construction and scheduled for completion in 2025; and a new 48-key boutique hotel on 21 Carpenter Street which opened last December.
Additionally, the asset enhancement initiative at CQ @ Clarke Quay has just also been completed and is expected to serve as a day and night destination appealing to both tourists and locals.
Mr. Shaun Poh, 傅子伟, Executive Director of Capital Markets, explains this exceptional investment opportunity:
“In recent years, more investors in the mid-cap market segment have been seeking value-add or redevelopment opportunities. However, they are often constrained by conservation guidelines, particularly with CBD shophouses. This makes 49/53 New Bridge Road attractive due to its CBD fringe location, palatable investment quantum, and unique redevelopment potential, including a possible fresh 99-year lease renewal.We believe this opportunity will appeal to developers, office users, and commercial school operators who are looking for brand visibility through standalone building naming rights in this revitalised live, work, and play precinct.”
Interested parties are invited to submit a Tender bid to Cushman & Wakefield by Tuesday, 8 October 2024, 3pm.
