SINGAPORE (EDGEPROP) - The owner of a commercial building at 38 and 40 South Bridge Road has sold the property to a buyer for $13.58 million in an off-market deal. The five-storey block has an estimated gross floor area (GFA) of 11,219 sq ft and is served by an internal lift. “The building enjoys panoramic city skyline views from the upper floors,” says Galven Tan, deputy managing director of investment sales and capital markets at Savills Singapore, who brokered the sale.

The purchase price of $13.58 million translates to $1,210 psf based on GFA. The existing five-storey building sits on two separate 99-year leasehold sites. One of the sites has a land area of 1,300 sq ft with a 99-year lease from 1941, which means it has 17 years remaining on the lease. The other site, of 1,324 sq ft, has a 99-year lease from 1947, which means it has 24 years left on the lease.

Formerly the People’s Insurance Building, the property last changed hands on Jan 1, 2000, for $4.766 million, according to Realis.

The property was sold with vacant possession. Under the URA Master Plan 2019, the site is zoned commercial with a gross plot ratio of 4.2 and falls under the Singapore River planning area. (Find Singapore commercial properties with our commercial directory)

Read also: Six shophouses on Serangoon Road sold for $62.5 mil

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