SINGAPORE (EDGEPROP) - A commercial building at 40 Carpenter Street has been put up for sale at $10 million. The 99-year leasehold building sits on a 1,670 sq ft plot, and the property has a total floor area of 6,588 sq ft. The indicative price translates to $1,518 psf on the floor area.

The exclusive marketing agent is Loyalle Chin, associate group division director at PropNex Realty. The building will be offered in an expression of interest exercise that closes on June 30.

See also: Four-storey hotel at Carpenter Street on the market for $15 mil

The site is zoned “commercial” with a plot ratio of 4.2 under the latest Master Plan. This means that foreigners and corporate entities are eligible to purchase it with no additional buyer’s stamp duty payable.

The building is fully tenanted, and the new owner would take over naming and signage rights for the building, as well as options for change of use, subject to approvals.

“Commercial assets of this quantum have a strong rising demand, particularly in land-scarce Singapore and in District 1 with high foot traffic,” says Chin. (Find Singapore commercial properties with our commercial directory)

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