SINGAPORE (EDGEPROP) - A new commercial building located at 36 Hongkong Street is up for sale through an expression of interest exercise with a guide price of $24 million. The five-storey property was completed in 2021 and has a balance land tenure of 95 years on the 99-year lease, according to marketing agent CBRE.

The building has a land area of 1,733 sq ft that is zoned for commercial use. Its built-up area of around 7,279 sq features regular and column-free floorplates, new electrical and air-conditioning systems, and lift access to every floor. Based on the built-up area, the guide price works out to $3,297 psf. (Find Singapore commercial properties with our commercial directory)

The property is within walking distance of the Clarke Quay and Raffles Place MRT Stations.

Clemence Lee, executive director of capital markets, Singapore at CBRE, says boutique commercial buildings such as 36 Hongkong Street are highly sought-after assets among both investors looking for a prime asset with strong rental command, as well as owner-occupiers.

“With the versatile configuration of the building, the incoming owner has the flexibility to explore several value-add angles including conversion to alternative uses such as co-living, serviced apartments, medical & wellness centres and commercial schools amongst others, subject to approval from relevant authorities,” Lee adds.

The expression of interest exercise for 36 Hongkong Street will close on April 27, at 3pm.

Check out the latest listings near Hongkong Street, Raffles Place MRT Station