A commercial building at 333 North Bridge Road is up for sale by tender with an indicative guide price in the region of $80 million.
The 999-year leasehold, nine-storey commercial building has a site area of about 4,684 sq ft and a total gross floor area (GFA) of 29,049 sq ft. Additional GFA of 3,218 sq ft may be built, with no development charge payable. Located on a corner plot with dual frontage along North Bridge Road and Cashin Street, the building has views of the Raffles Hotel right across it.
The property is zoned “commercial” under the 2014 Master Plan, with a plot ratio of 5.2 and building height of up to 16 storeys. No additional buyer's stamp duty or seller's stamp duty will be imposed, and both locals and foreigners are eligible for purchase.
The commercial building at 333 North Bridge Road (Photo: Edmund Tie)
Keen interest is expected from companies seeking to own a corporate office with a strong presence in the city centre, as well as investors looking to invest in a prime commercial asset in a good location, says Swee Shou Fern, executive director of investment advisory of Edmund Tie, the sole marketing agent for the sale.
The property is served by four MRT stations located within a 500-metre radius, with the Raffles Place financial district and the Orchard Road shopping belt just an MRT stop away.
“The astute developer may also consider redeveloping the property to maximise the gross floor area and explore a strata sale of the new development. Given its central location, the property is also ideal as a private members’ club or an embassy, subject to authorities’ approval,” adds Swee.
The tender exercise will close on Nov 5, at 3pm.