Five-storey commercial building in prime location to be auctioned
By Lin Zhiqin
/ EdgeProp |
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The upcoming auction by Colliers International on Nov 23 will feature a five-storey commercial building on South Bridge Road.
According to Colliers, the owner of the property has put it on the market at a guide price of $7 million, which translates to $5,573 psf based on land area and $1,332 psf based on the existing GFA. The property will be sold with vacant possesion.
The owner of the five-storey commercial building has put it up for auction at a $7 million guide price
(Image Source: Colliers International)
Sitting on a 1,256 sq ft site located between the junctions of Upper Circular Road and Carpenter Street, the property has a GFA of approximately 5,252. The site falls within the Upper Circular Conservation area and has a 99-year tenure starting from 1951.
Under the 2014 Master Plan, the site is zoned for full commercial use with a 4.2 plot ratio. Properties with full commercial-use zoning are favoured by investors as additional buyer’s stamp duty (ABSD) and seller’s stamp duty (SSD) are not applicable, says Colliers.
The building comes with a private lift, and two external staircases and a washroom on every level, which would offer an investor flexibility in leasing each floor separately different tenants, notes Tang Wei Leng, managing director of Colliers International.
The property, which is located between a restaurant and a coffee shop, could be converted to F&B or residential use, subject to approval from the authorities, adds Tang. Given its proximity to Raffles Place, and the Boat Quay and Clarke Quay entertainment district, there is potential to tap into the steady flow of pedestrians.
According to Singapore Institute of Surveyors and Valuers (SISV), a neighbouring five-storey commercial building with a land area of approximately 1,272 sq ft was purchased at $1.75 million in 2008 and sold at $6.1 million in 2013, with a balance lease of 33 years. This reflects capital appreciation of approximately 200% over five years, says Colliers.
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