A conservation commercial building at 59 New Bridge Road has been put up for sale via an expression of interest (EOI) with a guide price of $80 million or $4,417 psf, according to exclusive marketing agent CBRE.

The five-storey building sits within the Upper Circular Road Conservation area and has dual road frontage along the intersection of New Bridge Road and Hongkong Street. The property has a total land area of around 4,318 sq ft and is zoned for commercial use with a plot ratio of 4.2 under the URA Master Plan 2019.

The property recently underwent extensive addition and alteration (A&A) works, according to CBRE. This included a complete revamp of the building’s interior and the addition of a six-storey rear extension.

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Upon completion of its expansion works, the building now has a total gross floor area (GFA) of approximately 18,110 sq ft. Features include regular floor plates, lift access on all floors, and a communal open roof terrace.

Clemence Lee, executive director of capital markets at CBRE Singapore, says: “With the expansion works newly completed, the subject property will also greatly appeal to owner-occupiers actively seeking to establish strong branding presence in a prime location for their business.”

The property is located within close proximity to the core CBD area and sits between two lifestyle hubs: Boat Quay and Clarke Quay. The building is also within a two-minute walk from Clarke Quay MRT Station and offers accessibility to nearby food and beverage (F&B) and lifestyle amenities.

CBRE adds that several new and upcoming developments in the vicinity are expected to further rejuvenate the area, such as the 48-key boutique luxury hotel at 21 Carpenter Street operated by Design Hotels, the revamped CQ @ Clarke Quay, which underwent a $62 million asset enhancement initiative.

Additionally, two upcoming large-scale integrated developments are expected to follow. This includes CanningHill Piers, which comprises 696 residential units; a retail podium and serviced residences; and Union Square, which is set to include Grade A offices; 366 residential units; and co-living residences.

Prior to this property being put up for sale, the last time a corner shophouse in the area was traded was in mid-2023, says Lee. The shophouse was transacted at $23.8 million, or $4,200 psf, on the built-up area to a high net-worth individual.

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As the building is a commercial property, foreigners and companies are eligible to purchase with an exemption from the Additional Buyer's Stamp Duty (ABSD) or Seller's Stamp Duty (SSD) applicable on the transaction.

The EOI exercise is expected to close on March 20 at 3pm.